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- Hyperbolic_discounting abstract "In economics, hyperbolic discounting is a time-inconsistent model of discounting.The discounted utility approach: Intertemporal choices are no different from other choices, except that some consequences are delayed and hence must be anticipated and discounted (i.e., reweighted to take into account the delay).Given two similar rewards, humans show a preference for one that arrives sooner rather than later. Humans are said to discount the value of the later reward, by a factor that increases with the length of the delay. This process is traditionally modeled in form of exponential discounting, a time-consistent model of discounting. A large number of studies have since demonstrated that the constant discount rate assumed in exponential discounting is systematically being violated. Hyperbolic discounting is a particular mathematical model devised as an improvement over exponential discounting, in the sense that it better fits the experimental data about actual behavior. But note, the time inconsistency of this behavior has some quite perverse consequences. Hyperbolic discounting has been observed in both human and non-human animals.In hyperbolic discounting, valuations fall very rapidly for small delay periods, but then fall slowly for longer delay periods. This contrasts with exponential discounting, in which valuation falls by a constant factor per unit delay, regardless of the total length of the delay. The standard experiment used to reveal a test subject's hyperbolic discounting curve is to compare short-term preferences with long-term preferences. For instance: "Would you prefer a dollar today or three dollars tomorrow?" or "Would you prefer a dollar in one year or three dollars in one year and one day?" For certain range of offerings, a significant fraction of subjects will take the lesser amount today, but will gladly wait one extra day in a year in order to receive the higher amount instead. Individuals with such preferences are described as "present-biased".Individuals using hyperbolic discounting reveal a strong tendency to make choices that are inconsistent over time – they make choices today that their future self would prefer not to have made, despite using the same reasoning. This dynamic inconsistency happens because the value of future rewards is much lower under hyperbolic discounting than under exponential discounting.".
- Hyperbolic_discounting wikiPageID "903376".
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- Hyperbolic_discounting wikiPageRevisionID "678344127".
- Hyperbolic_discounting wikiPageWikiLink Akrasia.
- Hyperbolic_discounting wikiPageWikiLink Bayesian_probability.
- Hyperbolic_discounting wikiPageWikiLink Category:Behavioral_finance.
- Hyperbolic_discounting wikiPageWikiLink Category:Cognitive_biases.
- Hyperbolic_discounting wikiPageWikiLink Credit_card.
- Hyperbolic_discounting wikiPageWikiLink Deferred_gratification.
- Hyperbolic_discounting wikiPageWikiLink Delayed_gratification.
- Hyperbolic_discounting wikiPageWikiLink Discount_factor.
- Hyperbolic_discounting wikiPageWikiLink Discount_function.
- Hyperbolic_discounting wikiPageWikiLink Discounting.
- Hyperbolic_discounting wikiPageWikiLink Discrete_time.
- Hyperbolic_discounting wikiPageWikiLink Discrete_time_and_continuous_time.
- Hyperbolic_discounting wikiPageWikiLink Dynamic_inconsistency.
- Hyperbolic_discounting wikiPageWikiLink Economics.
- Hyperbolic_discounting wikiPageWikiLink Exponential_discounting.
- Hyperbolic_discounting wikiPageWikiLink George_Ainslie_(psychologist).
- Hyperbolic_discounting wikiPageWikiLink Hyperbolic_curve.
- Hyperbolic_discounting wikiPageWikiLink Hyperbolic_function.
- Hyperbolic_discounting wikiPageWikiLink Intertemporal_choice.
- Hyperbolic_discounting wikiPageWikiLink Matching_law.
- Hyperbolic_discounting wikiPageWikiLink Present-biased_preferences.
- Hyperbolic_discounting wikiPageWikiLink Prior_probability.
- Hyperbolic_discounting wikiPageWikiLink Procrastination.
- Hyperbolic_discounting wikiPageWikiLink Retirement.
- Hyperbolic_discounting wikiPageWikiLink Richard_Herrnstein.
- Hyperbolic_discounting wikiPageWikiLink Similarity_heuristic.
- Hyperbolic_discounting wikiPageWikiLink Substance_dependence.
- Hyperbolic_discounting wikiPageWikiLink Temporal_motivation_theory.
- Hyperbolic_discounting wikiPageWikiLink Time_preference.
- Hyperbolic_discounting wikiPageWikiLink Time_value_of_money.
- Hyperbolic_discounting wikiPageWikiLink File:Hyperbolic_vs._exponential_discount_factors.svg.
- Hyperbolic_discounting wikiPageWikiLinkText "Hyperbolic discounting".
- Hyperbolic_discounting wikiPageWikiLinkText "delay aversion".
- Hyperbolic_discounting wikiPageWikiLinkText "delay discounting".
- Hyperbolic_discounting wikiPageWikiLinkText "discounting".
- Hyperbolic_discounting wikiPageWikiLinkText "hyperbolic curve".
- Hyperbolic_discounting wikiPageWikiLinkText "hyperbolic discount function".
- Hyperbolic_discounting wikiPageWikiLinkText "hyperbolic discounting".
- Hyperbolic_discounting wikiPageWikiLinkText "myopic".
- Hyperbolic_discounting wikiPageWikiLinkText "negative power function discounting".
- Hyperbolic_discounting wikiPageWikiLinkText "quasi-hyperbolic discounting".
- Hyperbolic_discounting wikiPageWikiLinkText "subjective discount rates".
- Hyperbolic_discounting hasPhotoCollection Hyperbolic_discounting.
- Hyperbolic_discounting wikiPageUsesTemplate Template:Cite_book.
- Hyperbolic_discounting wikiPageUsesTemplate Template:Cite_journal.
- Hyperbolic_discounting wikiPageUsesTemplate Template:Clarify.
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- Hyperbolic_discounting subject Category:Behavioral_finance.
- Hyperbolic_discounting subject Category:Cognitive_biases.
- Hyperbolic_discounting hypernym Model.
- Hyperbolic_discounting type Article.
- Hyperbolic_discounting type Person.
- Hyperbolic_discounting type Type.
- Hyperbolic_discounting type Article.
- Hyperbolic_discounting type Concept.
- Hyperbolic_discounting type Field.
- Hyperbolic_discounting type Type.
- Hyperbolic_discounting comment "In economics, hyperbolic discounting is a time-inconsistent model of discounting.The discounted utility approach: Intertemporal choices are no different from other choices, except that some consequences are delayed and hence must be anticipated and discounted (i.e., reweighted to take into account the delay).Given two similar rewards, humans show a preference for one that arrives sooner rather than later.".
- Hyperbolic_discounting label "Hyperbolic discounting".
- Hyperbolic_discounting sameAs 双曲割引.
- Hyperbolic_discounting sameAs Delay_discounting.
- Hyperbolic_discounting sameAs Hiperboliczne_obniżenie_wartości.
- Hyperbolic_discounting sameAs m.03nfm0.
- Hyperbolic_discounting sameAs Q5957248.
- Hyperbolic_discounting sameAs Q5957248.
- Hyperbolic_discounting wasDerivedFrom Hyperbolic_discounting?oldid=678344127.
- Hyperbolic_discounting isPrimaryTopicOf Hyperbolic_discounting.