Axiomatization and Measurement of Quasi-Hyperbolic Discounting *
对准双曲线贴现及更一般的半双曲线偏好进行公理化刻画，通过年金补偿直接对跨期权衡施加一致性约束，并设计实验分离贴现与跨期替代弹性，在试点实验中估计了受试者贴现因子的分布边界。
Abstract This article provides an axiomatic characterization of quasi-hyperbolic discounting and a more general class of semi-hyperbolic preferences. We impose consistency restrictions directly on the intertemporal trade-offs by relying on what we call “annuity compensations.” Our axiomatization leads naturally to an experimental design that disentangles discounting from the elasticity of intertemporal substitution. In a pilot experiment we use the partial identification approach to estimate bounds for the distributions of discount factors in the subject pool. Consistent with previous studies, we find evidence for both present and future bias.