Time Discounting and Time Preference: A Critical Review

作者：Shane William Frederick, George F. Loewenstein, Ted O’Donoghue · 发表于：Journal of Economic Literature · 年份：2002 · DOI：10.1257/002205102320161311 · 被引用次数：4790 · 研究领域：Economic and Environmental Valuation、Decision-Making and Behavioral Economics、Housing Market and Economics

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 the spectacular variation in implicit discount rates across studies. Throughout the paper, we stress the importance of distinguishing time preference, per se, from many other considerations that also influence intertemporal choices.