RDP 9307: Explaining Forward Discount Bias: Is it Anchoring?
Equation
Δ
f
t
=
(
η
−
1
/
θ
)
f
d
t
−
1
+
(
1
+
[
θ
η
−
1
]
/
λ
)
v
t
+
e
t
w
h
i
l
e
Δ
s
t
=
η
f
d
t
−
1
+
(
1
+
θ
η
/
λ
)
ν
t
+
e
t
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