, then the representative consumer has discount rates that is a strictly decreasing function of time, just as is the case of … representative consumer's discount rate function on the other. In this paper, we show that the more convex the cumulant generating … dynamically inconsistent the representative consumer is in the sense of Prelec (2004), and vice versa. Applications to the term …

heterogeneous probabilistic beliefs, we analyze the nature of the representative consumer's probabilistic belief and discount rates …. We prove a formula that implies that the representative consumer's discount rates are raised or lowered by belief … representative consumer's discount rates may be a hyperbolic function of time even when the individual consumers' discount rates are …

tolerance and impatience affects the representative consumer's risk tolerance and impatience. We derive some formulas, which … indicate that the representative consumer's impatience decrease over time, and whether his risk tolerance increases or …