budgets to be more fungible. The latter effect suggests that the degree of asset integration is increasing in the stake. …

payouts. We model zooming as variable asset integration and ask whether this can explain the observed variation in discount …

utility curvature, variable asset integration or as magnitude effects in the discounting function. We find that modeling … magnitude effects through utility curvature at the same time as allowing for variable asset integration gives theoretically more … rates and limited and constant asset integration are rejected. More restricted but variable asset integration gives close to …