TY - CHAP
T1 - Time discounting
T2 - Declining impatience and interval effect
AU - Kinari, Yusuke
AU - Ohtake, Fumio
AU - Tsutsui, Yoshiro
N1 - Publisher Copyright:
© Springer Japan 2016.
PY - 2016/1/1
Y1 - 2016/1/1
N2 - Most studies have not distinguished delay from intervals, so that whether the declining impatience really holds has been an open question. We conducted an experiment that explicitly distinguishes them, and confirmed it at short delay such as less than 8-week delay. This implies that people make dynamically inconsistent plans. We also found the interval effect that the time discount rate decreases with prolonged intervals. We show that the interval and the magnitude effects are caused because intertemporal choice is made partially based on the differential in reward amount, while Weber’s law explains neither the delay nor the interval effects sufficiently.
AB - Most studies have not distinguished delay from intervals, so that whether the declining impatience really holds has been an open question. We conducted an experiment that explicitly distinguishes them, and confirmed it at short delay such as less than 8-week delay. This implies that people make dynamically inconsistent plans. We also found the interval effect that the time discount rate decreases with prolonged intervals. We show that the interval and the magnitude effects are caused because intertemporal choice is made partially based on the differential in reward amount, while Weber’s law explains neither the delay nor the interval effects sufficiently.
UR - http://www.scopus.com/inward/record.url?scp=84960211053&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84960211053&partnerID=8YFLogxK
U2 - 10.1007/978-4-431-55402-8_3
DO - 10.1007/978-4-431-55402-8_3
M3 - Chapter
AN - SCOPUS:84960211053
SN - 9784431554011
SP - 49
EP - 76
BT - Behavioral Economics of Preferences, Choices, and Happiness
PB - Springer Japan
ER -