Zjawisko ujemnej stopy dyskontowej w oparciu o behawioralną hipotezę cyklu życia Shefrina i Thalera

The phenomenon of negative discounting, that is deferring favourable events, is rare as well as little researched. This article focuses on circumstances that could significantly increase the frequency of the negative discounting. The research hypotheses resulting from the Behavioral Life-Cycle Hypothesis (BLCH) theory by Shefrin and Thaler were derived and empirically verifi ed. According to the first two hypotheses, a high level of the current wealth and income are factors making more likely the preference of deferring additional cash. Two further hypotheses referred to future income. As research has shown, the expected drop in income affects the greater tendency to postpone additional cash. Secondly the expectation of insufficient income in relation to expenditures in the future, encouraged the respondents to postpone part of their income. It should be emphasized that it was not deferral of consumption which was studied. Therefore a normal phenomenon of saving does not explain the experiments results. Instead, studies show possibility of receiving cash deferral. Such an attitude in economics is usually completely excluded.