More recent works on applications of time preferences include Barro (1999),
O’Donoghue and Rabin (1999a,b, 2001), Harris and Laibson (2001), as well as Krusell
and Smith (2003). Bernheim and Rangel (2007) further explore the policy relevance of
“nonconstant” discounting models; Hayashi (2003) along with Bleichrodt et al. (2009)
provide extensions to non-hyperbolic discounting. These works have been motivated
and complemented by the many experimental studies of the dynamic consistency of
time preferences, which have been surveyed by Loewenstein and Prelec (1992) and by
Frederick et al. (2002). Overall these studies ...
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