Infinite horizon dynamic optimization problems with non-exponential time preferences may not only exhibit time inconsistency but may also have multiple solutions with distinct payoffs. We here show ...

Evidence strongly indicates that human decision makers discount the future using a hyperbolic function instead of following an exponential, which has been the long-standing assumption. We compare the ...

How we make decisions about the future, of ourselves and our planet, depends on how we value the future vs. the present. Above, tourists shelter from the sun under an umbrella during a heatwave in ...