Time discounting: Declining impatience and interval effect |
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Authors: | Yusuke Kinari Fumio Ohtake Yoshiro Tsutsui |
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Affiliation: | (1) School of Economics, Nagoya University of Commerce and Business, 4-4 Sagamine Komenoki-cho, Nisshin-shi Aichi, 470-0193, Japan;(2) Institute of Social and Economic Research, Osaka University, 6-1 Mihogaoka, Ibaraki, Osaka 567-0047, Japan;(3) Graduate School of Economics, Osaka University, 1-7 Machikaneyama-machi, Toyonaka 560-0043, Japan |
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Abstract: | Most studies have not distinguished delays from intervals, so that whether the declining impatience really holds has been an open question. We conducted an experiment that explicitly distinguishes between them, and confirmed it at short delay such as less than an 8-week delay. This implies that people make dynamically inconsistent plans. We also found the interval effect that the time discount rate decreases with prolonged intervals. We show that the interval and the magnitude effects are caused because intertemporal choice is made partially based on the differential in reward amount, while Weber’s Law explains neither the delay nor the interval effects sufficiently. |
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Keywords: | Time discount rate Declining impatience Interval effect Subadditivity Weber’ s Law |
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