Time Discounting and Time Preference¶
Frederick, S., Loewenstein, G., & O’donoghue, T. (2002). Time Discounting and Time Preference: A Critical Review. Journal of Economic Literature, 40(2), 351-401.
Cited by¶
5 citations across 5 artifacts.
Primes¶
- Preference
- Each presupposes the bare preference relation and adds structured deviations from the linear-in-magnitudes baseline.
Supported in partVerified against the publisher's abstract
Supplies the survey that presents alternative formulations as answers to discounted-utility anomalies, i.e. structured departures from a baseline, but not the claim that each presupposes a bare preference relation.
“We then summarize the alternate theoretical formulations that have been advanced to address these anomalies.”
- Each presupposes the bare preference relation and adds structured deviations from the linear-in-magnitudes baseline.
- Temporal Inconsistency and Preference Reversals
- The signature is robust across domains: a saver who commits to saving when payday is distant but spends impulsively when payday arrives; an organization that prioritizes long-term strategy at the annual planning meeting but abandons it under quarterly earnings pressure; a dieter who resolves to lose weight in January but breaks the resolution in February when the effort becomes concrete and immediate, a cross-domain pattern surveyed by Frederick, Loewenstein, and O'Donoghue (2002).
Supported in partVerified against the publisher's abstract
The abstract confirms FLO (2002) reviews intertemporal-choice anomalies, but it does not state the saver, organisation, or dieter illustrations or their cross-domain robustness.
“We also review three decades of empirical research on intertemporal choice, and discuss reasons for the spectacular variation in implicit discount rates across studies.”
- The signature is robust across domains: a saver who commits to saving when payday is distant but spends impulsively when payday arrives; an organization that prioritizes long-term strategy at the annual planning meeting but abandons it under quarterly earnings pressure; a dieter who resolves to lose weight in January but breaks the resolution in February when the effort becomes concrete and immediate, a cross-domain pattern surveyed by Frederick, Loewenstein, and O'Donoghue (2002).
- Time Preference (Discounting Future)
- Frederick-Loewenstein-O'Donoghue (2002) provide a comprehensive critical review of time-discounting research and time-preference estimation methodologies
SupportedVerified against the publisher's abstract
The paper discusses the discounted utility model, its historical development, underlying assumptions and the empirical “anomalies” inconsistent with its predictions, then summarizes the alternate theoretical formulations advanced to address them. It also reviews “three decades of empirical research on intertemporal choice” and discusses “the spectacular variation in implicit discount rates across studies”. That scope is the critical review of discounting research and of discount-rate estimation the sentence describes.
“This paper discusses the discounted utility (DU) model: its historical development, underlying assumptions, and "anomalies" - the empirical regularities that are inconsistent with its theoretical predictions. We then summarize the alternate theoretical formulations that have been advanced to address these anomalies. We also review three decades of empirical research on intertemporal choice, and discuss reasons for …”
- Frederick-Loewenstein-O'Donoghue (2002) provide a comprehensive critical review of time-discounting research and time-preference estimation methodologies
- Time Value of Money
- The behavioral literature shows that the appropriate rate varies across individuals and contexts: Frederick, Loewenstein, and O'Donoghue (2002)
Supported in partVerified against the publisher's abstract
The review's abstract reports "spectacular variation in implicit discount rates across studies", backing variation in rates but not specifically "across individuals and contexts".
“We also review three decades of empirical research on intertemporal choice, and discuss reasons for the spectacular variation in implicit discount rates across studies.”
- The behavioral literature shows that the appropriate rate varies across individuals and contexts: Frederick, Loewenstein, and O'Donoghue (2002)
Domain-specific¶
Verification¶
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