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Valuation of Time Preferences Across Regions in Turkey
(İstanbul Bilgi Üniversitesi, 2014) Ayzit, Zehra Civan; Keskin, Umut
This study investigates two popular assumptions: hyperbolic discounting and constant discounting used to analyze time preferences or intertemporal choice. Diyarbakir’s social, historical and cultural structure is briefly introduced and the data collected from entrepreneurs in Diyarbakir are processed. All the calculations were applied in accordance with the formulas and assumptions written in Rohde's (2010) article. Entrepreneurs prefer smaller discount rate for long term that is compatible with the conventional discounting we assume for the financial markets. The results showed that constant discounting has a widespread use in macroeconomics; however there are significant deviations from constant discounting. It is shown that impatience decreased in the long term, which is consistent with hyperbolic discounting.