Event-related functional magnetic resonance imaging was used to investigate the neural mechanisms underlying intertemporal preference for symmetric gains and losses in certain conditions, by asking subjects to choose between two gains or two losses available at different points in time. Our data...

According to recent evidence (Frederick, Loewenstein, & O’Donoghue, 2002), the traditional Discounted Utility model (Samuelson, 1937) has a limited ability to describe realistic models of behaviour and indeed there are several documented empirical regularities that seem to contradict this...

We address intertemporal utility maximization under a general discount function that nests the exponential discounting and the quasi-hyperbolic discounting cases as particular specifications. Under the suggested framework, the representative agent adopts, at some initial date, an optimal...

The main purpose of this article is to describe and apply a methodology to estimate the discount rate on long-term projects, such as those related to environmental conservation and global climate change, for Colombia. The applied methodology is known as gamma discount. For the application of...