In this paper I propose a time-consistent method of discounting hyperbolically and apply it to three canonical …, time-consistent hyperbolic discounting leads always to a steady state of maximum yield, or, if the environment enters the … exponential discounting it is impossible under time-consistent hyperbolic discounting. This result is also confirmed for open …

In this paper I propose a time-consistent method of discounting hyperbolically that contains the discount rate implied … discounting it is impossible under time-consistent hyperbolic discounting. This result is also confirmed for open access resources … by Gamma discounting as a special case. I apply the discounting method to three canonical environmental problems: (i …

contribute to our understanding of these issues by postulating a model of income uncertainty within a hyperbolic discounting …/value In traditional exponential discounting, the marginal rate of substitution of consumption between two points depends only …, hyperbolic discounting better fits the data. The authors model choice under uncertainty and focus on the costs caused when …

We prove existence of time consistent equilibria in a wide class of dynamic models with recursive payoffs and … generalized discounting involving both behavioral and normative applications. Our generalized Bellman equation method identifies … minimal state space stationary Markov equilibrium (a time-consistent solution) in a deterministic model of consumption …