Anticipation and the Valuation of Delayed Consumption

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ID: 294902
1987
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Abstract
This paper presents a model of intertemporal choice that incorporates and dread-i.e., utility from anticipat ion of delayed consumption. The model explains why an individual with positive time preference may delay desirable outcomes or get unpleas ant outcomes over with quickly, contrary to the prediction of convent ional formulations of intertemporal choice. Implications of savoring and dread for savings behavior, empirical estimation of discount rate s, and public policy efforts to combat myopic behavior are explored. The model provides an explanation for common violations of the indepe ndence axiom as applied to intertemporal choice. Copyright 1987 by Royal Economic Society.
Reference Key
openalex_W2055265054 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors George Loewenstein
Journal the economic journal
Year 1987
DOI
10.2307/2232929
URL
https://doi.org/10.2307/2232929
Keywords Keywords not found

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