Anomalies in Intertemporal Choice: Evidence and an Interpretation
列举了与预期效用异常类似的贴现效用异常现象,并提出了一个模型来解释这些异常及其他不符合贴现效用理论的跨期选择行为,对储蓄行为、贴现率估计和选择框架效应有启示。
Research on decision making under uncertainly has been strongly influenced by the documentation of numerous expected utility (EU) anomalies—behaviors that violate the expected utility axioms. The relative lack of progress on the closely related topic of intertemporal choice is partly due to the absence of an analogous set of discounted utility (DU) anomalies. We enumerate a set of DU anomalies analogous to the EU anomalies and propose a model that accounts for the anomalies, as well as other intertemporal choice phenomena incompatible with DU. We discuss implications for savings behavior, estimation of discount rates, and choice framing effects.