Hyperbolic Discounting PDF

Not all anchors are created equal. During hyperbolic Discounting PDF making, anchoring occurs when individuals use an initial piece of information to make subsequent judgments.

Författare: Susanne Laudahn.

Inhaltlich unveränderte Neuauflage. Ohne ersichtlichen Grund und entgegen bisheriger ökonomischer Ansätze, maximieren Individuen ihren Nutzen nicht zeitlich konsistent sondern zeitabhängig. Rationale Vorhaben wie z.B. mit dem Rauchen aufzuhören werden immer wieder von einen Tag auf den nächsten verschoben. Diese individuellen Konflikte zwischen lang- und kurzfristigen Zielen (auch als abnehmende Ungeduld bezeichnet) die oft zu inkonsistenten Verhaltens­weisen führen, lassen sich mittels einer hyperbolischen Diskontfunktion darstellen. Das Buch gibt einen Überblick über konstante und hyperbolische Diskontierung und entwickelt ein Modell, das versucht, die psychologischen Einflüsse einer inkonsistenten Entscheidung darzustellen. Anhand einer Entscheidungssituation mit langfristigen, umweltrelevanten Konsumgütern wird gezeigt, dass intertemporales inkonsistentes Verhalten zu Nutzen- und Wohlfahrtsverlusten führen kann. Das Buch richtet sich an alle volkswirtschaftlich und psychologisch Interessierten die nach einer Begründung und nach Lösungsvorschlägen für inkonsitentes zeitliches Handeln suchen.

Once an anchor is set, other judgements are made by adjusting away from that anchor, and there is a bias toward interpreting other information around the anchor. For example, the initial price offered for a used car sets the standard for the rest of the negotiations, so that prices lower than the initial price seem more reasonable even if they are still higher than what the car is really worth. Studies have shown that anchoring is very difficult to avoid. For example, in one study students were given anchors that were obviously wrong. They were asked whether Mahatma Gandhi died before or after age 9, or before or after age 140. Don’t set your anchor price too high, or the natural inclination to anchor other choices against this product will greatly diminish. Keep it realistic and relatively in the realm of what else you’re selling, basically.

Think carefully about how you structure your product range and prices. People will anchor whether you intend for them to do so, or not. Jump to navigation Jump to search This article is about time preference in economics. For time preference in psychology, see Delayed gratification. It has been suggested that Discounted utility be merged into this article. This article needs additional citations for verification.

There is no absolute distinction that separates „high“ and „low“ time preference, only comparisons with others either individually or in aggregate. Someone with a high time preference is focused substantially on their well-being in the present and the immediate future relative to the average person, while someone with low time preference places more emphasis than average on their well-being in the further future. Time preferences are captured mathematically in the discount function. The higher the time preference, the higher the discount placed on returns receivable or costs payable in the future. The time preference that an individual exhibits at any given moment is determined solely by their personal preferences. As such, if one „prefers“ to save his money but cannot do so in the present, he is still considered to have a low time-preference.

One of the factors that may determine an individual’s time preference is how long that individual has lived. The time preference theory of interest is an attempt to explain interest through the demand for accelerated satisfaction. This is particularly important in microeconomics. In the neoclassical theory of interest due to Irving Fisher, the interest rate determines the relative price of present and future consumption. In neoclassical economics, the rate of time preference is usually taken as a parameter in an individual’s utility function which captures the trade off between consumption today and consumption in the future, and is thus exogenous and subjective. In the long run steady state, consumption’s share in a person’s income is constant which pins down the rate of interest as equal to the rate of time preference, with the marginal product of capital adjusting to ensure this equality holds.