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General time consistent discounting

Lattimore, Tor; Hutter, Marcus

Description

Modeling inter-temporal choice is a key problem in both computer science and economic theory. The discounted utility model of Samuelson is currently the most popular model for measuring the global utility of a time-series of local utilities. The model is limited by not allowing the discount function to change with the age of the agent. This is despite the fact that many agents, in particular humans, are best modelled with age-dependent discount functions. It is well known that discounting can...[Show more]

CollectionsANU Research Publications
Date published: 2014-01-30
Type: Journal article
URI: http://hdl.handle.net/1885/14706
Source: Theoretical Computer Science
DOI: 10.1016/j.tcs.2013.09.022

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