By combining our broad panel survey of Japanese adults from 2005 to 2008 and actual cigarette tax data, we investigate how smoking behavior including responses to tax hikes depends on time discounting and its biases, such as hyperbolic discounting and the sign effect. Cigarette consumption...

Analysis of an original nationwide Internet survey reveals that health-related behavior shows associations with three aspects of time discounting: (i) impatience, measured by the overall discount rate; (ii) present bias, measured by the degree of declining impatience in the generalized hyperbolic...

This paper investigates whether the consumption-free two-beta intertemporal capital asset-pricing model developed by Campbell and Vuolteenaho (2004) is able to solve the risk premium puzzle in the Japanese stock market over the period 1984–2002. Using the cash flow and discount rate betas as...