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A Note On The Loewenstein-Prelec Theory Of Intertemporal Choice

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posted on 2009-05-11, 15:43 authored by Ali al-Nowaihi, Sanjit Dhami
In one of the major contributions to behavioral economics, Loewenstein and Prelec (1992) set the foundations for the behavioral approach to decision making over time. We correct a number of errors in Loewenstein and Prelec (1992). Furthermore, we provide a correct, more direct and simpler derivation of their generalized hyperbolic discounting formula that has formed the basis of much recent work on temporal choice.

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Publisher

Dept. of Economics, University of Leicester

Available date

2009-05-11

Publisher version

http://www.le.ac.uk/economics/research/discussion/papers2005.html

Book series

Discussion Papers in Economics;05/18

Language

en

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