Past and Future: Backward and Forward Discounting
研究了一个时间偏好模型，其中当前消费和过去消费的记忆都影响个人体验效用，允许个体在当前决策中预期未来后悔，并产生与实证证据一致的可检验含义。
Abstract We study a model of time preference in which both current consumption and the memory of past consumption enter “experienced utility”—or the felicity—of an individual. An individual derives overall utility from her own felicity and the anticipated felicities of future selves. These postulates permit an agent to anticipate future regret in current decisions, and generate a set of novel testable implications in line with empirical evidence. The model can be applied to disparate phenomena, including present bias, equilibrium savings behavior, anticipation of regret, and career concerns.