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Past and future : backward and forward discounting
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Ray, Debraj, Vellodi, Nikhil and Wang, Ruqu (2024) Past and future : backward and forward discounting. Journal of the European Economic Association, 22 (2). pp. 837-875. doi:10.1093/jeea/jvad036 ISSN 1542-4774.
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Official URL: https://doi.org/10.1093/jeea/jvad036
Abstract
We study a model of time preference in which both current consumption and the memory of past consumption enter “experienced utility”—or the felicity—of an individual. An individual derives overall utility from her own felicity and the anticipated felicities of future selves. These postulates permit an agent to anticipate future regret in current decisions, and generate a set of novel testable implications in line with empirical evidence. The model can be applied to disparate phenomena, including present bias, equilibrium savings behavior, anticipation of regret, and career concerns.
Item Type: | Journal Article | |||||||||||||||||||||
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Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HF Commerce |
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Divisions: | Faculty of Social Sciences > Economics | |||||||||||||||||||||
SWORD Depositor: | Library Publications Router | |||||||||||||||||||||
Library of Congress Subject Headings (LCSH): | Consumption (Economics) , Consumer behavior , Decision making -- Psychological aspects, Econometrics | |||||||||||||||||||||
Journal or Publication Title: | Journal of the European Economic Association | |||||||||||||||||||||
Publisher: | Oxford University Press (OUP) | |||||||||||||||||||||
ISSN: | 1542-4774 | |||||||||||||||||||||
Official Date: | April 2024 | |||||||||||||||||||||
Dates: |
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Volume: | 22 | |||||||||||||||||||||
Number: | 2 | |||||||||||||||||||||
Page Range: | pp. 837-875 | |||||||||||||||||||||
DOI: | 10.1093/jeea/jvad036 | |||||||||||||||||||||
Status: | Peer Reviewed | |||||||||||||||||||||
Publication Status: | Published | |||||||||||||||||||||
Re-use Statement: | This is a pre-copyedited, author-produced version of an article accepted for publication in Journal of the European Economic Association following peer review. The version of record [insert complete citation information here] is available online at: Debraj Ray and others, Past and Future: Backward and Forward Discounting, Journal of the European Economic Association, 2023;, jvad036, https://doi.org/10.1093/jeea/jvad036 | |||||||||||||||||||||
Access rights to Published version: | Restricted or Subscription Access | |||||||||||||||||||||
Copyright Holders: | © The Author(s) 2023. Published by Oxford University Press on behalf of European Economic Association. | |||||||||||||||||||||
Date of first compliant deposit: | 28 June 2023 | |||||||||||||||||||||
RIOXX Funder/Project Grant: |
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