An Experimental Validation of the Dynamical Inconsistency of Time Preference

In traditional intertemporal-decision problems,individual's time preference is often formed as a constant discounting rate.But modern experimental economics gradually accumulates a great deal of experimental evidence which shows that time preference is dynamically inconsistent and discounting rate is degressive along with time,these characteristics can be expressed as hyperbolic discounting or quasi-hyperbolic discounting.However,these evidence all come from abroad,domestic experiment is very seldom,so we designed a special economic experiment to test the dynamical inconsistency of time preference.The statistical analysis of experimental date proved the inconsistency and validate the hyperbolic(or quasi-hyperbolic) discounting.