Hyperbolic discounting and time inconsistency in a native-exotic species conflict

Resource and Energy Economics

Volumn 26, Issue 2, 2004, Pages 255-274

  Settle, Chad ^a   Shogren, Jason F ^b  

^a UNIVERSITY OF TULSA   (United States)

^b UNIVERSITY OF WYOMING   (United States)

Author keywords

Exotic species; Hyperbolic discounting; Time inconsistency; Trout; Yellowstone

Indexed keywords

DECISION MAKING; ENERGY POLICY; LAKES; NATURAL RESOURCES;

HYPERBOLIC DISCOUNTING; TIME INCONSISTENCY;

BIODIVERSITY;

DISCOUNT RATE; ENVIRONMENTAL ECONOMICS; ENVIRONMENTAL POLICY; INTRODUCED SPECIES;

NORTH AMERICA; UNITED STATES; WYOMING; YELLOWSTONE LAKE;

EID: 1642447849     PISSN: 09287655     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.reseneeco.2003.11.010     Document Type: Article

References (33)

1. Ainslie G.W.Derivation of "rational" economic behavior from hyperbolic discount curves American Economic Review 812 1991 334-346 Papers and Proceedings
2. Ainslie, G.W., 1992. Picoeconomics. Cambridge University Press, Cambridge, MA.
3. Albrecht M.Weber M.Hyperbolic discounting models in prescriptive theory of intertemporal choice Zeitschrift fur Wirtshafts- u. Sozialwissenschaften (ZWS) 115 1995 535-568
4. Atherton E.French S.Valuing the future: An application of hyperbolic discounting with time weights Risk Decision Policy 41 1999 17-29
5. Azfar O.Rationalizing hyperbolic discounting Journal of Economic Behavior and Organization 38 1999 245-252
6. Becker G.Murphy K.A theory of rational addiction Journal of Political Economy 96 1988 675-700
7. Benzion U.Rapaport A.Yagil J.Discount rates inferred from decisions: An experimental study Management Science 35 1989 270-284
8. Cairns J.A.van der Pol M.M.Saving future lives: A comparison of three discounting models Health Economics 6 1997 341-350
9. Cairns J.A.van der Pol M.M.Valuing future private and social benefits: The discounted utility model versus hyperbolic discounting models Journal of Economic Psychology 21 2000 191-205
10. Camerer, C., 1995. Individual decision making. In: Kagel, J., Roth, A. (Eds.), Handbook of Experimental Economics. Princeton University Press, Princeton, NJ, pp. 587-703.
11. Cropper M.L.Aydede S.K.Portney P.R.Preferences for life saving programs: How the public discounts time and age Journal of Risk and Uncertainty 8 1994 243-265
12. Ferson, S., 1994. RAMAS/Stage: Generalized Stage-based Modeling for Population Dynamics. Applied Biomathematics, Setauket, New York.
13. Heal, G.M., 1998. Valuing the Future: Economic Theory and Sustainability. Columbia University Press, New York.
14. Henderson N.Bateman I.Empirical and public choice evidence for hyperbolic social discount rates and the implications for intergenerational discounting Environmental and Resource Economics 5 1995 413-423
15. Holden S.T.Shiferaw B.Wik M.Poverty, market imperfections and time preferences: Of relevance for environmental policy Environment and Development Economics 3 1998 105-130
16. Hotelling H.The economics of exhaustible resources The Journal of Political Economy 39 1931 137-175
17. Laibson D.Golden eggs and hyperbolic discounting Quarterly Journal of Economics 112 1997 443-477
18. Lewis A.van Venrooij M.A note on the perceptions of loan duration and repayment Journal of Economic Psychology 16 1995 161-168
19. Loewenstein G.Anticipation and the valuation of delayed consumption Economic Journal 97 1987 666-684
20. Loewenstein G.Frames of mind in intertemporal choice Management Science 34 1988 200-214
21. Loewenstein G.Prelec D.Anomalies in intertemporal choice: Evidence and an interpretation Quarterly Journal of Economics 107 1992 573-597
22. Novacek, M.J., Wheeler, Q.D., 1992. Extinction and Phylogeny. Columbia University Press, New York.
23. Overton A.A.MacFadyen A.J.Time discounting and the estimation of loan duration Journal of Economic Psychology 19 1998 607-618
24. Ranyard R.Craig G.Estimating the duration of a flexible loan: The effect of supplementary information Journal of Economic Psychology 14 1993 317-335
25. Read D.Is time-discounting hyperbolic or subadditive? Journal of Risk and Uncertainty 23 2001 5-32
26. Rubinstein, A., 2001. Is it "Economics and Psychology?" The Case of Hyperbolic Discounting. Princeton Working Paper.
27. Settle, C., Shogren, J.F., 2003. Does Integrating Economic and Biological Systems Matter for Environmental Policy? The Case of Yellowstone Lake. Working Paper, University of Tulsa.
28. Skog, O.-J., 1999. Hyperbolic discounting, willpower, and addition. In: Elster, J. (Ed.), Addiction: Entries and Exits. Russell Sage Foundation, New York.
29. Stiglitz, J.E., 1994. Discount rates: The rate of discount for benefit-cost analysis and the theory of the second best. In: Layard, R., Glaister, S. (Eds.), Cost-Benefit Analysis, 2nd ed. Cambridge University Press, Cambridge, MA, pp. 116-159.
30. Strotz R.H.Myopia and inconsistency in dynamic utility maximization Review of Economic Studies 23 1956 165-180
31. Thaler R.Some empirical evidence on dynamic inconsistency Economics Letters 8 1981 201-207
32. Varley, J.D., Schullery, P., 1995. The Yellowstone Lake Crisis: Confronting a Lake Trout Invasion-A Report to the Director of the National Park Service. Yellowstone Center for Resources, National Park Service, Yellowstone National Park.s
33. Weitzman M.L.Why the far-distant future should be discounted at its lowest possible rate Journal of Environmental Economics and Management 36 1998 201-208