Munich Personal RePEc Archive

On Multiple Discount Rates with Recursive Time-Dependent Orders

Drugeon, Jean-Pierre and Ha-Huy, Thai (2021): On Multiple Discount Rates with Recursive Time-Dependent Orders.


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This study adresses time-dependent orders that are shown to lead to recursive representations based upon a Max-Min dichotomy and introduce a structure that is naturally based upon time-varying multiple discounts. It is argued that this setup naturally provides an enriched understanding of the much discussed present biases. It is established how a multiple discounts version of \emph{present biais} becomes available and directly builds upon the features of the order defined from the head of the utilities sequence.

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