Comparative Patience
Fuente:
arXiv
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| Auteur principal: | |
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| Format: | Preprint |
| Publié: |
2024
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| _version_ | 1866913414336479232 |
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| author | Whitmeyer, Mark |
| author_facet | Whitmeyer, Mark |
| contents | We begin by formulating and characterizing a dominance criterion for prize sequences: $x$ dominates $y$ if any impatient agent prefers $x$ to $y$. With this in hand, we define a notion of comparative patience. Alice is more patient than Bob if Alice's normalized discounted utility gain by going from any $y$ to any dominating $x$ is less than Bob's discounted utility gain from such an improvement. We provide a full characterization of this relation in terms of the agents' discount rules. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2407_02323 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Comparative Patience Whitmeyer, Mark Theoretical Economics We begin by formulating and characterizing a dominance criterion for prize sequences: $x$ dominates $y$ if any impatient agent prefers $x$ to $y$. With this in hand, we define a notion of comparative patience. Alice is more patient than Bob if Alice's normalized discounted utility gain by going from any $y$ to any dominating $x$ is less than Bob's discounted utility gain from such an improvement. We provide a full characterization of this relation in terms of the agents' discount rules. |
| title | Comparative Patience |
| topic | Theoretical Economics |
| url | https://arxiv.org/abs/2407.02323 |