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摘要翻译：
经济学中的一个重要问题是人们如何在未来的不同支付之间做出选择。经典的规范模型预测决策者对较晚支付的折扣与较早支付的折扣之间的时间是指数函数。描述性模型使用非指数函数来拟合观察到的行为现象，如偏好反转。在这里，我们提出了一个贴现模型，符合标准的选择公理，其中决策者最大限度地增加他们的财富增长率。该模型的四个规范产生了四种形式的折扣--无折扣、指数、双曲线和指数与双曲线的混合--其中两种预测偏好反转。我们的模型不需要假设行为偏差或支付风险。
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英文标题：
《Microfoundations of Discounting》
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作者：
Alexander T. I. Adamou, Yonatan Berman, Diomides P. Mavroyiannis and
Ole B. Peters
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最新提交年份：
2020
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分类信息：
一级分类：Economics 经济学
二级分类：Theoretical Economics 理论经济学
分类描述：Includes theoretical contributions to Contract Theory, Decision Theory, Game Theory, General Equilibrium, Growth, Learning and Evolution, Macroeconomics, Market and Mechanism Design, and Social Choice.
包括对契约理论、决策理论、博弈论、一般均衡、增长、学习与进化、宏观经济学、市场与机制设计、社会选择的理论贡献。
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一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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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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英文摘要：
An important question in economics is how people choose between different payments in the future. The classical normative model predicts that a decision maker discounts a later payment relative to an earlier one by an exponential function of the time between them. Descriptive models use non-exponential functions to fit observed behavioral phenomena, such as preference reversal. Here we propose a model of discounting, consistent with standard axioms of choice, in which decision makers maximize the growth rate of their wealth. Four specifications of the model produce four forms of discounting -- no discounting, exponential, hyperbolic, and a hybrid of exponential and hyperbolic -- two of which predict preference reversal. Our model requires no assumption of behavioral bias or payment risk.
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PDF链接：
https://arxiv.org/pdf/1910.02137
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