Decreasing Impatience: A Criterion for Non-stationary Time Preference and "Hyperbolic" Discounting

Despite recent interest in hyperbolic discounting, there has been little discussion of exactly what property of time preferences is instantiated by hyperbolic or quasi-hyperbolic functional forms. The paper revives an earlier proposal in Prelec (1989) that the key property is Pratt-Arrow convexity o...

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