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Patient Decision Making: Exponential versus Hyperbolic Discounting
Managerial and Decision Economics, 2012Evidence strongly indicates that human decision makers discount the future using a hyperbolic function instead of following an exponential, which has been the long‐standing assumption. We compare the exponential and hyperbolic models in evaluation of a simple research and development project selection problem, finding that the exponential function ...
Samuel B. Graves, Jeffrey L. Ringuest
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Aggregate savings under quasi-hyperbolic versus exponential discounting
Economics Letters, 2021zbMATH Open Web Interface contents unavailable due to conflicting licenses.
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Exponential linear quadratic optimal control with discounting
IEEE Transactions on Automatic Control, 1994The author considers optimal problems when the state \(x(t)\) is solution of an \(n\)-dimensional linear stochastic differential equation \(dx= (Ax+ Bu)dt+ Gdw\), \(0\leq t\leq T\), where \(w\) is a Wiener process. The first problem is associated with the discounted functional: \[ I={1\over 2} \int^{T-\lambda t}_ 0 e(x^ t Qx+ u^ t Ru)+ {1\over 2} e^{- \
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Non-Exponential Discounting: A Direct Test [PDF]
, 2008 Standard models of intertemporal utility maximization under uncertainty assume that agents discount future utility flows at a constant compounded rate—exponential discounting. Euler equations estimated over different time horizons should have equal discount rates. They do not.
Richard Startz, Kwok Ping Tsang
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Consumption–investment strategies with non-exponential discounting and logarithmic utility
European Journal of Operational Research, 2014zbMATH Open Web Interface contents unavailable due to conflicting licenses.
Zhao, Qian, Shen, Yang, Wei, Jiaqin
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Reinforcement Learning with Non-Exponential Discounting
Commonly in reinforcement learning (RL), rewards are discounted over time using an exponential function to model time preference, thereby bounding the expected long-term reward. In contrast, in economics and psychology, it has been shown that humans often adopt a hyperbolic discounting scheme, which is optimal when a specific task termination time ...Schultheis, Matthias +8 more
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Reconciling Exponential and Hyperbolic Discounting
SSRN Electronic Journal, 2022openaire +1 more source
Automatic Discount Selection for Exponential Family State-Space Models
2007In a previous paper (Pastore, 2004), a method for selecting the discount parameter in a gaussian state-space model was introduced. The method is based on a sequential optimization of a Bayes factor and is intended for on-line modelling purposes. In this paper, these results are extended to state-space models where the distribution of the observable ...
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