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Discount function

From Wikipedia, the free encyclopedia

A discount function is used in economic models to describe the weights placed on rewards received at different points in time. For example,  if time is discrete and utility is time-separable, with the discount function having a negative first derivative and with (or in continuous time) defined as consumption at time t, total utility from an infinite stream of consumption is given by

.

Total utility in the continuous-time case is given by

provided that this integral exists.

Exponential discounting and hyperbolic discounting are the two most commonly used examples.

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Transcription

See also

References

  • Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," ;;Journal of Economic Literature;;, vol. 40(2), pages 351-401, June.
This page was last edited on 7 March 2021, at 23:01
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