Intertemporal choice | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-03-25

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Intertemporal_choice


00:01:23 1 Portfolio allocation
00:02:22 2 Consumption
00:03:56 2.1 Fisher's model of intertemporal consumption
00:11:00 2.2 Modigliani's life cycle income hypothesis
00:14:20 2.3 Friedman's permanent income hypothesis
00:15:37 3 Labor supply
00:15:52 4 Fixed investment
00:16:29 5 Hyperbolic discounting
00:16:58 6 See also
00:18:56 7 References



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SUMMARY
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Intertemporal choice is the process by which people make decisions about what and how much to do at various points in time, when choices at one time influence the possibilities available at other points in time. These choices are influenced by the relative value people assign to two or more payoffs at different points in time. Most choices require decision-makers to trade off costs and benefits at different points in time. These decisions may be about saving, work effort, education, nutrition, exercise, health care and so forth. 
Since early in the twentieth century, economists have analyzed intertemporal decisions using the discounted utility  model, which assumes that people evaluate the pleasures and pains resulting from a decision in much the same way that financial markets evaluate losses and gains, exponentially 'discounting' the value of outcomes according to how delayed they are in time. Discounted utility has been used to describe how people actually make intertemporal choices and it has been used as a tool for public policy. Policy decisions about how much to spend on research and development, health and education all depend on the discount rate used to analyze the decision.