Forthcoming : Prudent aggregation of quasi-hyperbolic experts
Journal article: Imagine a cohort of economic experts appraising long-term projects through the quasi-hyperbolic discounting criterion. The parameters (long-run and short-run discount rates) used by each expert may differ, which implies different policy recommendations. Subsequently, a decision maker is faced with the task of selecting an efficient aggregation from these varied opinions. This paper proposes a solution to reconcile these conflicting recommendations, taking into account the decision maker’s adoption of a “prudent” behavior.
Author(s)
Bach Dong-Xuan, Philippe Bich, Bertrand Wigniolle
Journal
- Economic Theory
Date of publication
- 2024
Keywords JEL
Keywords
- Quasi-hyperbolic discounting
- Aggregation of time preferences
- Discount rate
- Caution
URL of the HAL notice
Version
- 1