کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
11263139 1778130 2018 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Hyperbolic discounting can be good for your health
ترجمه فارسی عنوان
تخفیف اغراق امیز می تواند برای سلامتی شما مفید باشد
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری بازاریابی و مدیریت بازار
چکیده انگلیسی
It has been argued that hyperbolic discounting of future gains and losses leads to time-inconsistent behavior and thereby, in the context of health economics, not enough investment in health and too much indulgence of unhealthy consumption. Here, we challenge this view. We set up a life-cycle model of human aging and longevity in which individuals discount the future hyperbolically and make time-consistent decisions. This allows us to disentangle the role of discounting from the time consistency issue. We show that hyperbolically discounting individuals, under a reasonable normalization, invest more in their health than they would if they had a constant rate of time preference. Using a calibrated life-cycle model of human aging, we predict that the average U.S. American lives about 4 years longer with hyperbolic discounting than he would if he had applied a constant discount rate. The reason is that, under hyperbolic discounting, experiences in old age receive a relatively high weight in life time utility. In an extension we show that the introduction of health-dependent survival probability motivates an increasing discount rate for the elderly and, in the aggregate, a u-shaped pattern of the discount rate with respect to age.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Psychology - Volume 69, December 2018, Pages 44-57
نویسندگان
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