Quasi-stationary cardinal utility and present bias |
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Authors: | Takashi Hayashi |
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Institution: | Department of Economics, University of Rochester, Rochester, NY 14627, USA |
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Abstract: | This note gives an axiomatic foundation for utility exhibiting quasi-geometric discounting. In addition, it introduces a wider class of utility functions satisfying weakened stationarity, called quasi-stationary utility. Both are established as von Neumann-Morgenstern utility indices in a model of risk preference. |
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Keywords: | D10 D11 |
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