I just came across a paper that shows that hyperbolic discounting is the right thing to do when future discount rates are uncertain. Here is a link to the paper:
Hyperbolic discounting is rational: Valuing the far future with uncertain discount ratesby J. Doyne Farmer and John Geanakoplos
And here is a really nice writeup, which saves me from having to summarize the results myself.
[LINK] Hyperbolic discounting is rational
I just came across a paper that shows that hyperbolic discounting is the right thing to do when future discount rates are uncertain. Here is a link to the paper:
Hyperbolic discounting is rational: Valuing the far future with uncertain discount rates
by J. Doyne Farmer and John Geanakoplos
And here is a really nice writeup, which saves me from having to summarize the results myself.