Rationalizing hyperbolic discounting Azfar, Omar

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Azfar, Omar
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Journal of Economic Behavior & Organization
Rationalization (Psychology) -- Economic aspects; Consumer behavior -- Economic aspects; Discount rates -- Psychological aspects
Agents who are uncertain about their discount rates may opt to discount the distant future in a hyperbolic rather than an exponential manner. This observation takes into consideration the fact that under certain conditions, uncertainty over hazard rates may result in non-constant discounting but not necessarily imply dynamically inconsistent behavior. For other cases, uncertainty over discount rates can lead to dynamically inconsistent behavior.
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