英文标题：
《One-Switch Discount Functions》
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作者：
Nina Anchugina
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最新提交年份：
2017
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英文摘要：
Bell (1988) introduced the one-switch property for preferences over sequences of dated outcomes. This property concerns the effect of adding a common delay to two such sequences: it says that the preference ranking of the delayed sequences is either independent of the delay, or else there is a unique delay such that one strict ranking prevails for shorter delays and the opposite strict ranking for longer delays. For preferences that have a discounted utility (DU) representation, Bell (1988) argues that the only discount functions consistent with the one-switch property are sums of exponentials. This paper proves that discount functions of the linear times exponential form also satisfy the one-switch property. We further demonstrate that preferences which have a DU representation with a linear times exponential discount function exhibit increasing impatience (Takeuchi (2011)). We also clarify an ambiguity in the original Bell (1988) definition of the one-switch property by distinguishing a weak one-switch property from the (strong) one-switch property. We show that the one-switch property and the weak one-switch property definitions are equivalent in a continuous-time version of the Anscombe and Aumann (1963) setting.
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中文摘要：
Bell（1988）引入了偏好的单开关特性，而不是过时结果序列。该性质涉及向两个这样的序列添加公共延迟的效果：它表示延迟序列的偏好排序要么独立于延迟，要么存在唯一延迟，使得一个严格排序优先于较短延迟，而相反的严格排序优先于较长延迟。对于具有折扣效用（DU）表示的偏好，Bell（1988）认为，唯一符合单开关特性的折扣函数是指数和。本文证明了线性倍指数形式的折扣函数也满足单开关性质。我们进一步证明，具有线性乘以指数折扣函数的DU表示的偏好表现出越来越不耐烦（Takeuchi（2011））。我们还通过区分弱单开关特性和（强）单开关特性，澄清了Bell（1988）对单开关特性的原始定义中的模糊性。我们证明了在Anscombe和Aumann（1963）设定的连续时间版本中，单开关性质和弱单开关性质定义是等价的。
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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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