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Decreasing term structure of psychological discount rates: Experimental estimation and determinants

hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorde La Bruslerie, Hubert*
dc.date.accessioned2015-03-20T11:29:27Z
dc.date.available2015-03-20T11:29:27Z
dc.date.issued2015-06
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/14798
dc.language.isoenen
dc.subjectHyperbolic discountingen
dc.subjectTime preferenceen
dc.subjectBehavioral economicsen
dc.subjectPsychological time valueen
dc.subjectRisk aversionen
dc.subject.ddc330en
dc.subject.classificationjelC.C9.C90en
dc.subject.classificationjelD.D8.D81en
dc.subject.classificationjelD.D9.D90en
dc.titleDecreasing term structure of psychological discount rates: Experimental estimation and determinantsen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenMany empirical and behavioral studies identify a decreasing slope in the term structure of subjective discount rates. Using an experimental methodology based on “free-time” relative comparisons, this paper aims to identify in individual behaviors whether agents see their psychological value of time as decreasing or not. We elicit the negative shape of the subjective discount rates. They can be parameterized using two variables, one specifying the instantaneous time preference and the other characterizing the slope of the term structure. A trade-off law is identified between these two parameters. We show that the term structure of psychological rates depends strongly on gender, but appears not to be linked with life expectancy. We also question the cross-relationship between risk aversion and time preference. From a theoretical point of view, these two variables stand as two different and independent dimensions. However, empirically, the time preference attitude seems to be directly influenced by the risk attitude.en
dc.relation.isversionofjnlnameJournal of Behavioral and Experimental Finance
dc.relation.isversionofjnlvol6en
dc.relation.isversionofjnldate2015-06
dc.relation.isversionofjnlpages13–26en
dc.relation.isversionofdoi10.1016/j.jbef.2015.02.006en
dc.relation.isversionofjnlpublisherElsevieren
dc.subject.ddclabelEconomie politiqueen
dc.relation.forthcomingnonen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
hal.identifierhal-01490682*
hal.version1*
hal.update.actionupdateMetadata*
hal.author.functionaut


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