) and ( 19 ) come beginaligned U_s(c)u(c_s)beta 1-theta _0theta _1u(c_s1)beta 2(1-theta. Am Econ Rev 89:103124 CrossRef Google Scholar Phelps ES, Pollak RA (1968) On second-best national saving and game-equilibrium growth. Well, I don't know that it's "despicable" jargon (this is the kind of statement that discourages people from being comfortable with mathematics and it worried me that a mathematical term was being maligned, so I read. Here's the graph of the charge from that example, given by q 2(1 e 10 t ). The equation is beginaligned left( psi *right) 2-beta 1-theta _0left 1beta (1-beta theta _1)right (1r)psi *beta 3-2theta _0(1-beta theta _1 1r)20nonumber endaligned (35) Simple algebra allows to arrive to the pair of solutions of ( 35 ) that are given in the proposition. Am Econ Rev 81:119 Google Scholar Almenberg J, Gerdes C (2011) Exponential growth bias and financial literacy. Environ Resour Econ 46:189206 CrossRef Google Scholar Japelli T (2010) Economic literacy: an international comparison. Most people intuitively "discount" future money. An exponential decay (increasing form) curve describes situations where a quantity grows quickly at first, then levels out to some limiting value. Applying these conditions to the equations in system ( 12 one calculates the values in the proposition. Con 112:443478 CrossRef Google Scholar Laibson D (1998) Life-cycle consumption and hyperbolic discount functions.
I chose V max 6, and.7. Springer, Berlin Google Scholar Hepburn C, Duncan S, Papachristodoulou A (2010) Behavioural economics, hyperbolic discounting and environmental policy. As a result, the desired steady-state will have one of its dimensions necessarily unstable, while the other steady-state is such that the same dimension is stable. Lambda _2right _psi _1*fracpsi _1*psi _2 (left.
Alexandra Ferreira-Lopes and Orlando Gomes acknowledge financial support from PEst-OE/EGE/UI0315/2011. Studies on peoples' (and animals investing and savings habits have shown this to be the case. The actual choice for their example was unfortunate, because the variables seemed to have nothing to do with economics (they don't and I was no wiser about what was going. Appendix E: Computation of equation ( 15 ) Let us start by analyzing the problem under constant discounting. J Money Credit Banking 40:427448 CrossRef Google Scholar Groom B, Hepburn C, Koundori P, Pearce D (2005) Declining discount rates: the long and the short. Most people choose the immediate reward, because waiting for a month for a bit more doesn't seem to make sense. Econ Bull 29:25492555 Google Scholar Farmer JD, Geanakoplos J (2009) Hyperbolic discounting is rational: valuing the far future with uncertain discount rates. J Risk Uncertain 37:141169 CrossRef Google Scholar Dimitri N (2005) Hyperbolic Discounting can represent consistent preferences. The subject matter of the graph suggested a physics application, rather than some behavioural finance model. Indiana University, Kelley School of Business, working paper of the department of Business Economics and Public Policy n (o) Google Scholar Rubinstein A (2003) Economics and psychology? Proof of Proposition 4 The saddle-path stable trajectory can be obtained by computing the eigenvector associated to the eigenvalue inside the unit circle.
The average responses were: One month later 20, one year later 50, and ten years later 100. Environ Resour Econ 32:445493 CrossRef Google Scholar Heer B, Maussner A (2005) Dynamic general equilibrium modellingcomputational methods and applications. The Vmax term in the hyperbolic curve above (Figure 2) was what made me think of these exponential curves.
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