英文标题：
《Aggregating time preferences with decreasing impatience》
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作者：
Nina Anchugina, Matthew Ryan, Arkadii Slinko
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最新提交年份：
2016
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英文摘要：
It is well-known that for a group of time-consistent decision makers their collective time preferences may become time-inconsistent. Jackson and Yariv (2014) demonstrated that the result of aggregation of exponential discount functions always exhibits present bias. We show that when preferences satisfy the axioms of Fishburn and Rubinstein (1982), present bias is equivalent to decreasing impatience (DI). Applying the notion of comparative DI introduced by Prelec (2004), we generalize the result of Jackson and Yariv (2014). We prove that the aggregation of distinct discount functions from comparable DI classes results in the collective discount function which is strictly more DI than the least DI of the functions being aggregated. We also prove an analogue of Weitzman\'s (1998) result, for hyperbolic rather than exponential discount functions. We show that if a decision maker is uncertain about her hyperbolic discount rate, then long-term costs and benefits will be discounted at a rate which is the probability-weighted harmonic mean of the possible hyperbolic discount rates.
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中文摘要：
众所周知，对于一组时间一致的决策者来说，他们的集体时间偏好可能会变得时间不一致。Jackson和Yariv（2014）证明，指数折扣函数的聚合结果总是显示出当前偏差。我们发现，当偏好满足Fishburn和Rubinstein（1982）的公理时，当前偏见相当于减少不耐烦（DI）。应用Prelec（2004）提出的比较DI概念，我们推广了Jackson和Yariv（2014）的结果。我们证明了将可比较的DI类中的不同折扣函数聚合，得到的集体折扣函数严格地比被聚合的函数中最小的DI更大。我们还证明了Weitzman（1998）结果的一个类似物，对于双曲而非指数折扣函数。我们证明，如果决策者不确定她的双曲线贴现率，那么长期成本和收益将以可能的双曲线贴现率的概率加权调和平均值贴现。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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