The observation of declining discount rates in experimental settings has led many to promote hyperbolic discounting … over standard exponential discounting as the preferred descriptive model of intertemporal choice. I develop a new framework … likelihood estimates of discounting parameters. I apply this estimation method to a stated-preference survey of river basin …

It has been argued that hyperbolic discounting of future gains and losses leads to time-inconsistent behavior and … 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 …