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  • 1.
    Andersen, Steffen
    et al.
    Copenhagen Business School, Copenhagen, Denmark.
    Harrison, Glenn W.
    Georgia State University, Atlanta, United States.
    Lau, Morten I.
    Copenhagen Business School, Copenhagen, Denmark; Durham University Business School, Durham, UK.
    Rutström, Elisabet
    Georgia State University, Atlanta, United States.
    Discounting behaviour and the magnitude effect: Evidence from a field experiment in Denmark2013In: Economica, ISSN 0013-0427, E-ISSN 1468-0335, Vol. 80, no 320, p. 670-697Article in journal (Refereed)
    Abstract [en]

    We evaluate the claim that individuals exhibit a magnitude effect in their discounting behaviour, where higher discount rates are inferred from choices made with lower principals, all else being equal. If the magnitude effect is quantitatively significant, it is not appropriate to use one discount rate that is independent of the scale of the project for cost-benefit analysis and capital budgeting. Using data from a field experiment in Denmark, we find statistically significant evidence of a magnitude effect that is much smaller than is claimed. This evidence surfaces only if one controls for unobserved individual heterogeneity in the population.

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