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Environmental Choices and Hyperbolic Discounting: An Experimental Analysis

机译：环境选择与双曲线贴现：实验分析

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Environmental goods such as carbon abatement or green space development often generate benefit streams that may not occur until far into the future. How individual consumers value such amenities, therefore, depends critically on the discount rate. The usual assumption is that agents discount future values using constant, exponential rate, but there is some evidence from the lab suggesting that discount functions are more likely quasi-hyperbolic. We compare estimates of subjects' rate of intertemporal time preference for financial rewards and environmental goods using multiple price-list and a new matrix multiple price list approaches. Our objective is to determine if discount functions for environmental and monetary goods differ, and to estimate the structure of discounting in both contexts. We find that financial discount functions are not hyperbolic, but those for environmental goods are. Discount rates for environmental goods are generally lower than for financial rewards, but are still above zero. Consumers, therefore, value long-lived environmental goods differently than financial goods.
机译：诸如碳减排或绿色空间开发之类的环境商品通常会产生收益流，直到不久的将来才会出现。因此，个人消费者如何评价这些便利设施关键取决于折扣率。通常的假设是代理商使用恒定的指数速率折现未来价值，但实验室中的一些证据表明折现函数更可能是准双曲线。我们使用多个价目表和新的矩阵多个价目表方法比较受试者对经济奖励和环境商品的跨时时间偏好率的估计。我们的目标是确定环境商品和货币商品的折扣函数是否不同，并估计两种情况下的折扣结构。我们发现，金融折现函数不是双曲线的，但环境商品则是。环境商品的折扣率通常低于经济奖励的折扣率，但仍高于零。因此，消费者对长期存在的环境商品的估价与对金融商品的估价不同。

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