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Is the evidence for hyperbolic discounting in humans just an experimental artifact ?

By G.W. Harrison and M.I. Lau

Abstract

We question the behavioral premise underlying Ainslie's claims about hyperbolic discounting theory. The alleged evidence for humans can be easily explained as an artefact of experimental procedures that do not control for the credibility of payment over different time horizons. In appropriately controlled and financially motivated settings, human behavior is consistent with conventional exponential preferences.\u

Publisher: Cambridge University Press
Year: 2005
DOI identifier: 10.1017/S0140525X05290118
OAI identifier: oai:dro.dur.ac.uk.OAI2:7511
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