  Understanding how people actually trade off time for money is perhaps the
major question in the field of time discounting. There is indeed a vast body of
work devoted to explore the underlying mechanisms of the individual decision
making process in an intertemporal context. This paper presents a family of new
discount functions whereof we derive a formal axiomatization. Applying the
framework proposed by Bleichrodt, Rohde and Wakker, we further extend their
formulation of CADI and CRDI functions, making discounting a function not only
of time delay but, simultaneously, also of time distortion. Our main purpose
is, in practice, to provide a tractable setting within which individual
intertemporal preferences can be outlined. Furthermore, we apply our models to
study the relation between individual time preferences and personality traits.
For the CADI-CADI, results show that the habit of smoking is heavily related
with both impatience and time perception. Within the Big-Five framework,
conscientiousness, agreeableness and openness are positively related with
patience (low r, initial discount rate).
