{On Multiple Time-Varying Discount Rates  with Recursive Time-Dependent Orders

Abstract

This study adresses time-dependent orders that are shown to lead to  recursive representations based upon a Max-Min dichotomy and introduces a structure that is naturally based upon time-varying multiple discounts. It is argued that this setup naturally provides an enriched understanding of the much discussed present biases. It is established how a multiple discounts version of \emph{present biais} becomes available and directly builds upon the features of the order defined from the head of the utility sequence.

Keywords: Axiomatization, Time-Dependent Orders, Time-Varying Multiple Discounts, Multiple Present Biases