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The Personal Discount Rate: Evidence from Military Downsizing Programs
Abstract
The military drawdown program of the early 1990's provides an opportunity to obtain estimates of personal discount rates based on large numbers of people making real choices involving large sums. The program offered over 65,000 separatees the choice between an annuity and a lump-sum payment. Despite break-even discount rates exceeding 17 percent, most of the separatees selected the lump sum—saving taxpayers $1.7 billion in separation costs. Estimates of discount rates range from 0 to over 30 percent and vary with education, age, race, sex, number of dependents, ability test score, and the size of payment. (JEL D91)
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Cites
Individual discount rates and the purchase and utilization of energy-using durables
Hausman, J. A. (1979) · The Bell Journal of Economics · doi:10.2307/3003318 · Cited by 1,372
Cited by
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Are Risk Aversion and Impatience Related to Cognitive Ability?
Dohmen, T., Falk, A., Huffman, D., & Sunde, U. (2010) · American Economic Review · doi:10.1257/aer.100.3.1238 · Cited by 1,332
Chen, M. K. (2013) · American Economic Review · doi:10.1257/aer.103.2.690 · Cited by 745
Constrained after college: Student loans and early-career occupational choices
Rothstein, J., & Rouse, C. E. (2011) · Journal of Public Economics · doi:10.1016/j.jpubeco.2010.09.015 · Cited by 506
The Price we pay: economic and social consequences of inadequate education
(2008) · Choice Reviews Online · doi:10.5860/choice.45-6317 · Cited by 354
Metadata
- Authors
- Warner, J. T., & Pleeter, S.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2001-03-01
- Volume
- 91
- Issue
- 1
- Pages
- 33-53
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2087923742
- Cited by
- 594
- References
- 1
- FWCI
- 15.78
- Type
- journal article
- Language
- en
- Open access
- closed
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