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This study introduces a method to measure and compare impatience using discount functions. It defines impatience as the instantaneous discount rate, allowing for comparisons between different discounting models.

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Area of Science:

  • Behavioral Economics
  • Decision Theory
  • Psychology

Background:

  • Impatience is often modeled using hyperbolic discounting, characterized by decreasing discount rates.
  • Other discount functions also exhibit decreasing discount rates, necessitating a unified measurement approach.

Purpose of the Study:

  • To establish a methodology for measuring and comparing the impatience associated with different discount functions.
  • To provide a framework for analyzing the degree of impatience across various discounting models.

Main Methods:

  • Defined patience within an interval as the discount factor.
  • Deduced impatience at a given moment as the instantaneous discount rate.
  • Compared impatience across discount functions, considering intersecting and non-intersecting cases.

Main Results:

  • Developed a precise definition of impatience as the instantaneous discount rate.
  • Established a quantifiable method to compare impatience levels between distinct discount functions.
  • Demonstrated that comparisons are feasible regardless of whether the discount functions intersect.

Conclusions:

  • The proposed methodology offers a robust way to quantify and compare impatience across diverse discount functions.
  • This framework advances the understanding of decision-making under delayed rewards.
  • The approach is applicable to both similar and dissimilar families of discount functions.