Time-Tradeoff Sequences for Analyzing Discounting and Time Inconsistency
提出时间权衡序列作为分析跨期选择的一般工具，可无需效用假设测量贴现函数，定量测量时间不一致性，并通过实验检验公理化，发现当前流行贴现函数被拒绝，需开发能容纳递增不耐烦的新函数。
This paper introduces time-tradeoff (TTO) sequences as a general tool to analyze intertemporal choice. We give several applications. For empirical purposes, we can measure discount functions without requiring any measurement of or assumption about utility. We can quantitatively measure time inconsistencies and simplify their qualitative tests. TTO sequences can be administered and analyzed very easily, using only pencil and paper. For theoretical purposes, we use TTO sequences to axiomatize (quasi-)hyperbolic discount functions. We demonstrate the feasibility of measuring TTO sequences in an experiment, in which we tested the axiomatizations. Our findings suggest rejections of several currently popular discount functions and call for the development of new ones. It is especially desirable that such discount functions can accommodate increasing impatience.