Montiel Olea, José Luis; Strzalecki, Tomasz Axiomatization and measurement of quasi-hyperbolic discounting. (English) Zbl 1400.91148 Q. J. Econ. 129, No. 3, 1449-1499 (2014). Summary: This article provides an axiomatic characterization of quasi-hyperbolic discounting and a more general class of semi-hyperbolic preferences. We impose consistency restrictions directly on the intertemporal trade-offs by relying on what we call “annuity compensations.” Our axiomatization leads naturally to an experimental design that disentangles discounting from the elasticity of intertemporal substitution. In a pilot experiment we use the partial identification approach to estimate bounds for the distributions of discount factors in the subject pool. Consistent with previous studies, we find evidence for both present and future bias. Cited in 16 Documents MSC: 91B08 Individual preferences 91A90 Experimental studies 62P20 Applications of statistics to economics Keywords:quasi-hyperbolic discounting; semi-hyperbolic preferences; experimental design; axiomatic characterization PDFBibTeX XMLCite \textit{J. L. Montiel Olea} and \textit{T. Strzalecki}, Q. J. Econ. 129, No. 3, 1449--1499 (2014; Zbl 1400.91148) Full Text: DOI