The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.
Discount Rates Inferred from Decisions: An Experimental Study
Abstract
Two hundred and four students of economics and finance participated in an intertemporal choice experiment which manipulated three dimensions in a 4 × 4 × 4 factorial design: scenario (postponing a receipt, postponing a payment, expediting a receipt, expediting a payment), time delay (0.5, 1, 2, and 4 years), and size of cashflow ($40, $200, $1000, and $5000). Individual discount rates were inferred from the responses, and then used to test competitively four hypotheses regarding the behavior of discount rates. The classical hypothesis asserting that the discount rate is uniform across scenarios, time delays, and sums of cashflow was flatly rejected. A market segmentation approach was found lacking. The results support an implicit risk hypothesis according to which delayed consequences are associated with an implicit risk value, and an added compensation hypothesis which asserts that individuals require compensation for a change in their financial position.
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Cites
An economic theory of self-control.
Thaler, R. H., & Shefrin, H. M. (1981) · Journal of Political Economy · doi:10.1086/260971 · Cited by 2,203
Stationary Ordinal Utility and Impatience
Koopmans, T. C. (1960) · Econometrica · doi:10.2307/1907722 · Cited by 1,532
A discounting model for decisions with delayed positive or negative outcomes.
Stevenson, M. K. (1986) · Journal of Experimental Psychology General · doi:10.1037/0096-3445.115.2.131 · Cited by 124
Cited by
Trope, Y., & Liberman, N. (2003) · Psychological Review · doi:10.1037/0033-295x.110.3.403 · Cited by 3,006
Liberman, N., & Yaacov Trope, B. (1998) · Journal of Personality and Social Psychology · doi:10.1037//0022-3514.75.1.5 · Cited by 2,366
Anomalies in Intertemporal Choice: Evidence and an Interpretation
Loewenstein, G., & Prelec, D. (1992) · The Quarterly Journal of Economics · doi:10.2307/2118482 · Cited by 2,305
The Handbook of Economic Sociology
Fukuyama, F., Smelser, N. J., & Swedberg, R. (1994) · Foreign Affairs · doi:10.2307/20046937 · Cited by 2,096
A Discounting Framework for Choice With Delayed and Probabilistic Rewards.
Green, L., & Myerson, J. (2004) · Psychological Bulletin · doi:10.1037/0033-2909.130.5.769 · Cited by 1,676
Metadata
- Authors
- Benzion, U., Rapoport, A., & Yagil, J.
- Venue
- Management Science
- Published
- 1989-03
- Volume
- 35
- Issue
- 3
- Pages
- 270-284
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W1975912221
- Cited by
- 909
- References
- 3
- FWCI
- 4.80
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
