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Saving future lives. A comparison of three discounting models

✍ Scribed by John A. Cairns; Marjon M. Van Der Pol

Publisher: John Wiley and Sons
Year: 1997
Tongue: English
Weight: 86 KB
Volume: 6
Category: Article
ISSN: 1057-9230
DOI: 10.1002/(sici)1099-1050(199707)6:4<341::aid-hec277>3.0.co;2-y

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✦ Synopsis

This paper compares three models of intertemporal choice concerning saving future lives: the constant discounting model, the proportional discounting model and the hyperbolic discounting model. The three models were investigated using data collected from the general public. Since these data have a multilevel structure, ordinary least-squares (OLS) estimates were supplemented by multilevel analysis. There is evidence in favour of the proportional (and to a lesser extent) the hyperbolic model over the constant discounting model. There is clear evidence for this data set that multilevel analysis is more appropriate than OLS.

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