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A representation of time discounting

Heilmann, Conrad (2008) A representation of time discounting. LSE Choice Group working paper series, vol. 4, no. 6. The Centre for Philosophy of Natural and Social Science (CPNSS), London School of Economics, London, UK.

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Abstract

The concept of time discounting introduces weights on future goods to make these less valu- able. Famously, both the specic functional form of time discounting and its normative sta- tus are contested. To address these problems, this paper provides a measurement-theoretic framework of representation for time discounting. The general representation theorem char- acterises time discounting factors as ratio-scale representations of dierences in temporally extended prospects. This framework of representation is used to reconsider interpretations of time discounting factors such as time preferences, uncertainty and preference change. It also allows to compare these interpretations with regards to their normative appeal, the kinds of reductionism regarding time and preference they imply and the specic functional form of time discounting they suggest. Farther, multiple-self interpretations of decision-makers become available, such that a time discounting factor represents the degree of connectedness between temporal selves in a person.

Item Type: Monograph (Working Paper)
Official URL: http://www2.lse.ac.uk/CPNSS/Home.aspx
Additional Information: © 2008 The author
Library of Congress subject classification: H Social Sciences > HB Economic Theory
Sets: Research centres and groups > Centre for Philosophy of Natural and Social Science (CPNSS)
Departments > Philosophy, Logic and Scientific Method
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: vol. 4, no. 6
Date Deposited: 15 May 2009 15:45
URL: http://eprints.lse.ac.uk/23858/

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