Question

In: Economics

Suppose you are considering quitting smoking. This will be hard.   The first day of quitting smoking...

Suppose you are considering quitting smoking. This will be hard.  

The first day of quitting smoking your utility will drop (and then it goes up in the future).  

Utility Today Utility Tomorrow
Quit 5 10
Don't Quit 10 4

Question 9.

What is your present discounted utility of quitting smoking if you're daily discount rate is 0.8.  

Question 10

Likewise, what is your present discounted utility of not quitting?  

Question 11

Now suppose you use the same table as above, but you are a quasi hyperbolic discounter. Your discount rate is now : , where t is the number of days in the future. Now what is your presented discounted utility of quitting smoking?  

Question 12

What is your discounted utility of quitting smoking 8 days from now (meaning on the 8th day from now you quit)?  

Question 13

What is your present discounted utility of not quitting 8 days from now?

Solutions

Expert Solution

Answer 11 is based on assumptions. dicount rate is missing in the given subsection of the question.

Rahul Sunny answered 2 years ago
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