Journal of Economic Perspectives: Vol. 3 No. 4 (Fall 1989)


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Anomalies: Intertemporal Choice

Article Citation

Loewenstein, George, and Richard H. Thaler. 1989. "Anomalies: Intertemporal Choice." Journal of Economic Perspectives, 3(4): 181-193.

DOI: 10.1257/jep.3.4.181


We examine a number of situations in which people do not appear to discount money flows at the market rate of interest or any other single discount rate. Discount rates observed in both laboratory and field decision-making environments are shown to depend on the magnitude and sign of what is being discounted, on the time delay, on whether the choice is cast in terms of speed-up or delay, on the way in which a choice is framed, and on whether future benefits or costs induce savoring or dread.

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Loewenstein, George (U Chicago)
Thaler, Richard H. (Cornell)

JEL Classifications

022: Microeconomics of Intertemporal Choice


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