An analysis of intertemporal inconsistency through the hyperbolic factor
Abstract Intertemporal choices play a fundamental role in the lives of individuals, and the Discounted Utility model is the essential framework for describing decision makers’ attitudes in front of alternatives structured over multiple periods. The classical formulation of the model assumes constant...
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| Autor*in: |
Ventre, Viviana [verfasserIn] |
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| Format: |
Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2022 |
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| Schlagwörter: |
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| Anmerkung: |
© The Author(s) 2022 |
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| Übergeordnetes Werk: |
Enthalten in: Quality & quantity - Springer Netherlands, 1967, 57(2022), 1 vom: 09. Apr., Seite 819-846 |
|---|---|
| Übergeordnetes Werk: |
volume:57 ; year:2022 ; number:1 ; day:09 ; month:04 ; pages:819-846 |
| Links: |
|---|
| DOI / URN: |
10.1007/s11135-022-01352-6 |
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| Katalog-ID: |
OLC2133683275 |
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| 520 | |a Abstract Intertemporal choices play a fundamental role in the lives of individuals, and the Discounted Utility model is the essential framework for describing decision makers’ attitudes in front of alternatives structured over multiple periods. The classical formulation of the model assumes constant preferences over time, i.e., it assumes that individuals’ choices are consistent. Empirical evidence, however, shows that individuals’ preferences do not respond to this assumption, generating temporally inconsistent decisions. This paper addresses the problem of temporal inconsistency in order to interpret and describe anomalous choices, i.e., not rationalizable from a theoretical point of view, through the cognitive distortions of the decision-maker. Indeed, even if we assume that the investor is a rational subject, behavioral finance suggests that an anomaly is part of the human being and must be recognized as a systematic condition of the decision-making process. Exploiting the relationship between the rate of impatience and temporal preference, this work aims to demonstrate that the degree of decrease in impatience quantifies the weight of emotional drives in the anomalies of intertemporal choices. An experimental approach based on constructing the hyperbolic factor for each individual in different contexts is presented to test our results. The variability in the collected data highlights that individuals’ behavior is very different, suggesting the need to project strategies in personalized finance. | ||
| 650 | 4 | |a Intertemporal choice | |
| 650 | 4 | |a Discounted Utility model | |
| 650 | 4 | |a Hyperbolic discount | |
| 650 | 4 | |a Inconsistency | |
| 650 | 4 | |a Anomalies | |
| 650 | 4 | |a Impatience | |
| 650 | 4 | |a Hyperbolic factor | |
| 650 | 4 | |a Decreasing impatience | |
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| 700 | 1 | |a Martino, Roberta |4 aut | |
| 700 | 1 | |a Maturo, Fabrizio |4 aut | |
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10.1007/s11135-022-01352-6 doi (DE-627)OLC2133683275 (DE-He213)s11135-022-01352-6-p DE-627 ger DE-627 rakwb eng 050 VZ 3,4 ssgn Ventre, Viviana verfasserin aut An analysis of intertemporal inconsistency through the hyperbolic factor 2022 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © The Author(s) 2022 Abstract Intertemporal choices play a fundamental role in the lives of individuals, and the Discounted Utility model is the essential framework for describing decision makers’ attitudes in front of alternatives structured over multiple periods. The classical formulation of the model assumes constant preferences over time, i.e., it assumes that individuals’ choices are consistent. Empirical evidence, however, shows that individuals’ preferences do not respond to this assumption, generating temporally inconsistent decisions. This paper addresses the problem of temporal inconsistency in order to interpret and describe anomalous choices, i.e., not rationalizable from a theoretical point of view, through the cognitive distortions of the decision-maker. Indeed, even if we assume that the investor is a rational subject, behavioral finance suggests that an anomaly is part of the human being and must be recognized as a systematic condition of the decision-making process. Exploiting the relationship between the rate of impatience and temporal preference, this work aims to demonstrate that the degree of decrease in impatience quantifies the weight of emotional drives in the anomalies of intertemporal choices. An experimental approach based on constructing the hyperbolic factor for each individual in different contexts is presented to test our results. The variability in the collected data highlights that individuals’ behavior is very different, suggesting the need to project strategies in personalized finance. Intertemporal choice Discounted Utility model Hyperbolic discount Inconsistency Anomalies Impatience Hyperbolic factor Decreasing impatience Cruz Rambaud, Salvador (orcid)0000-0002-1318-1221 aut Martino, Roberta aut Maturo, Fabrizio aut Enthalten in Quality & quantity Springer Netherlands, 1967 57(2022), 1 vom: 09. Apr., Seite 819-846 (DE-627)129084328 (DE-600)4140-3 (DE-576)014417715 0033-5177 nnns volume:57 year:2022 number:1 day:09 month:04 pages:819-846 https://doi.org/10.1007/s11135-022-01352-6 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-SOW GBV_ILN_4027 AR 57 2022 1 09 04 819-846 |
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10.1007/s11135-022-01352-6 doi (DE-627)OLC2133683275 (DE-He213)s11135-022-01352-6-p DE-627 ger DE-627 rakwb eng 050 VZ 3,4 ssgn Ventre, Viviana verfasserin aut An analysis of intertemporal inconsistency through the hyperbolic factor 2022 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © The Author(s) 2022 Abstract Intertemporal choices play a fundamental role in the lives of individuals, and the Discounted Utility model is the essential framework for describing decision makers’ attitudes in front of alternatives structured over multiple periods. The classical formulation of the model assumes constant preferences over time, i.e., it assumes that individuals’ choices are consistent. Empirical evidence, however, shows that individuals’ preferences do not respond to this assumption, generating temporally inconsistent decisions. This paper addresses the problem of temporal inconsistency in order to interpret and describe anomalous choices, i.e., not rationalizable from a theoretical point of view, through the cognitive distortions of the decision-maker. Indeed, even if we assume that the investor is a rational subject, behavioral finance suggests that an anomaly is part of the human being and must be recognized as a systematic condition of the decision-making process. Exploiting the relationship between the rate of impatience and temporal preference, this work aims to demonstrate that the degree of decrease in impatience quantifies the weight of emotional drives in the anomalies of intertemporal choices. An experimental approach based on constructing the hyperbolic factor for each individual in different contexts is presented to test our results. The variability in the collected data highlights that individuals’ behavior is very different, suggesting the need to project strategies in personalized finance. Intertemporal choice Discounted Utility model Hyperbolic discount Inconsistency Anomalies Impatience Hyperbolic factor Decreasing impatience Cruz Rambaud, Salvador (orcid)0000-0002-1318-1221 aut Martino, Roberta aut Maturo, Fabrizio aut Enthalten in Quality & quantity Springer Netherlands, 1967 57(2022), 1 vom: 09. Apr., Seite 819-846 (DE-627)129084328 (DE-600)4140-3 (DE-576)014417715 0033-5177 nnns volume:57 year:2022 number:1 day:09 month:04 pages:819-846 https://doi.org/10.1007/s11135-022-01352-6 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-SOW GBV_ILN_4027 AR 57 2022 1 09 04 819-846 |
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10.1007/s11135-022-01352-6 doi (DE-627)OLC2133683275 (DE-He213)s11135-022-01352-6-p DE-627 ger DE-627 rakwb eng 050 VZ 3,4 ssgn Ventre, Viviana verfasserin aut An analysis of intertemporal inconsistency through the hyperbolic factor 2022 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © The Author(s) 2022 Abstract Intertemporal choices play a fundamental role in the lives of individuals, and the Discounted Utility model is the essential framework for describing decision makers’ attitudes in front of alternatives structured over multiple periods. The classical formulation of the model assumes constant preferences over time, i.e., it assumes that individuals’ choices are consistent. Empirical evidence, however, shows that individuals’ preferences do not respond to this assumption, generating temporally inconsistent decisions. This paper addresses the problem of temporal inconsistency in order to interpret and describe anomalous choices, i.e., not rationalizable from a theoretical point of view, through the cognitive distortions of the decision-maker. Indeed, even if we assume that the investor is a rational subject, behavioral finance suggests that an anomaly is part of the human being and must be recognized as a systematic condition of the decision-making process. Exploiting the relationship between the rate of impatience and temporal preference, this work aims to demonstrate that the degree of decrease in impatience quantifies the weight of emotional drives in the anomalies of intertemporal choices. An experimental approach based on constructing the hyperbolic factor for each individual in different contexts is presented to test our results. The variability in the collected data highlights that individuals’ behavior is very different, suggesting the need to project strategies in personalized finance. Intertemporal choice Discounted Utility model Hyperbolic discount Inconsistency Anomalies Impatience Hyperbolic factor Decreasing impatience Cruz Rambaud, Salvador (orcid)0000-0002-1318-1221 aut Martino, Roberta aut Maturo, Fabrizio aut Enthalten in Quality & quantity Springer Netherlands, 1967 57(2022), 1 vom: 09. Apr., Seite 819-846 (DE-627)129084328 (DE-600)4140-3 (DE-576)014417715 0033-5177 nnns volume:57 year:2022 number:1 day:09 month:04 pages:819-846 https://doi.org/10.1007/s11135-022-01352-6 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-SOW GBV_ILN_4027 AR 57 2022 1 09 04 819-846 |
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an analysis of intertemporal inconsistency through the hyperbolic factor |
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An analysis of intertemporal inconsistency through the hyperbolic factor |
| abstract |
Abstract Intertemporal choices play a fundamental role in the lives of individuals, and the Discounted Utility model is the essential framework for describing decision makers’ attitudes in front of alternatives structured over multiple periods. The classical formulation of the model assumes constant preferences over time, i.e., it assumes that individuals’ choices are consistent. Empirical evidence, however, shows that individuals’ preferences do not respond to this assumption, generating temporally inconsistent decisions. This paper addresses the problem of temporal inconsistency in order to interpret and describe anomalous choices, i.e., not rationalizable from a theoretical point of view, through the cognitive distortions of the decision-maker. Indeed, even if we assume that the investor is a rational subject, behavioral finance suggests that an anomaly is part of the human being and must be recognized as a systematic condition of the decision-making process. Exploiting the relationship between the rate of impatience and temporal preference, this work aims to demonstrate that the degree of decrease in impatience quantifies the weight of emotional drives in the anomalies of intertemporal choices. An experimental approach based on constructing the hyperbolic factor for each individual in different contexts is presented to test our results. The variability in the collected data highlights that individuals’ behavior is very different, suggesting the need to project strategies in personalized finance. © The Author(s) 2022 |
| abstractGer |
Abstract Intertemporal choices play a fundamental role in the lives of individuals, and the Discounted Utility model is the essential framework for describing decision makers’ attitudes in front of alternatives structured over multiple periods. The classical formulation of the model assumes constant preferences over time, i.e., it assumes that individuals’ choices are consistent. Empirical evidence, however, shows that individuals’ preferences do not respond to this assumption, generating temporally inconsistent decisions. This paper addresses the problem of temporal inconsistency in order to interpret and describe anomalous choices, i.e., not rationalizable from a theoretical point of view, through the cognitive distortions of the decision-maker. Indeed, even if we assume that the investor is a rational subject, behavioral finance suggests that an anomaly is part of the human being and must be recognized as a systematic condition of the decision-making process. Exploiting the relationship between the rate of impatience and temporal preference, this work aims to demonstrate that the degree of decrease in impatience quantifies the weight of emotional drives in the anomalies of intertemporal choices. An experimental approach based on constructing the hyperbolic factor for each individual in different contexts is presented to test our results. The variability in the collected data highlights that individuals’ behavior is very different, suggesting the need to project strategies in personalized finance. © The Author(s) 2022 |
| abstract_unstemmed |
Abstract Intertemporal choices play a fundamental role in the lives of individuals, and the Discounted Utility model is the essential framework for describing decision makers’ attitudes in front of alternatives structured over multiple periods. The classical formulation of the model assumes constant preferences over time, i.e., it assumes that individuals’ choices are consistent. Empirical evidence, however, shows that individuals’ preferences do not respond to this assumption, generating temporally inconsistent decisions. This paper addresses the problem of temporal inconsistency in order to interpret and describe anomalous choices, i.e., not rationalizable from a theoretical point of view, through the cognitive distortions of the decision-maker. Indeed, even if we assume that the investor is a rational subject, behavioral finance suggests that an anomaly is part of the human being and must be recognized as a systematic condition of the decision-making process. Exploiting the relationship between the rate of impatience and temporal preference, this work aims to demonstrate that the degree of decrease in impatience quantifies the weight of emotional drives in the anomalies of intertemporal choices. An experimental approach based on constructing the hyperbolic factor for each individual in different contexts is presented to test our results. The variability in the collected data highlights that individuals’ behavior is very different, suggesting the need to project strategies in personalized finance. © The Author(s) 2022 |
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An analysis of intertemporal inconsistency through the hyperbolic factor |
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https://doi.org/10.1007/s11135-022-01352-6 |
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Cruz Rambaud, Salvador Martino, Roberta Maturo, Fabrizio |
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Cruz Rambaud, Salvador Martino, Roberta Maturo, Fabrizio |
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