A Criticism of Doyle’s survey of time preference: A correction regarding the CRDI and CADI families

Abstract

Doyle’s (2013) theoretical survey of discount functions criticizes two parametric families abbreviated as CRDI and CADI families. We show that Doyle’s criticisms are based on a mathematical mistake and are incorrect.

Keywords

• intertemporal choice
• constant relative decreasing impatience
• hyperbolic discounting