This chapter reviews both the theoretical modeling and the experimental evidence, relating to choice over time. Most of the space is devoted to choices between outcome-date pairs, which has been better studied, especially experimentally, but it also discusses choices between time sequences of outcomes. It distinguishes between "soft anomalies", which can be accommodated by a simple modification of the standard exponential discounting model (e.g. hyperbolic discounting) and "hard anomalies" which pose a more fundamental challenge.
|Title of host publication||The Handbook of Rational and Social Choice|
|Publisher||Oxford: Oxford University Press|
|Publication status||Published - 1 May 2009|
Bibliographical notePublisher Copyright:
© Oxford University Press, 2009. All rights reserved.
Copyright 2018 Elsevier B.V., All rights reserved.
- Discounting models
- Experimental evidence
- Hard annomalies
- Hyperbolic discounting
- Soft anomalies