Delay aversion

Jean Pierre Benoît, Efe A. Ok

    Research output: Contribution to journalArticle

    Abstract

    We address the following question: When can one person properly be said to be more delay averse than another? In reply, several (nested) comparison methods are developed. These methods yield a theory of delay aversion which parallels that of risk aversion. The applied strength of this theory is demonstrated in a variety of dynamic economic settings, including the classical optimal growth and tree cutting Problems, repteated games, and bargaining. Both time-consistent and time-inconsistent scenarios are considered.

    Original languageEnglish (US)
    Pages (from-to)71-113
    Number of pages43
    JournalTheoretical Economics
    Volume2
    Issue number1
    StatePublished - Mar 2007

    Keywords

    • Consumption smoothing
    • Delay aversion
    • Impatience
    • Time consistency

    ASJC Scopus subject areas

    • Economics, Econometrics and Finance(all)

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  • Cite this

    Benoît, J. P., & Ok, E. A. (2007). Delay aversion. Theoretical Economics, 2(1), 71-113.