Consumption and Risk with hyperbolic discounting
Hyperbolic discounting is not observationally equivalent to exponential discounting. It is always possible to calibrate an exponential model so that it predicts the same level of consumption as a hyperbolic model. However, the two models have radically different comparative statics. © 2007 Elsevier B.V. All rights reserved.
Gong, L., Smith, W., & Zou, H. (2007). Consumption and Risk with hyperbolic discounting. Economics Letters, 96 (2), 153-160. https://doi.org/10.1016/j.econlet.2006.12.023