RDP 9307: Explaining Forward Discount Bias: Is it Anchoring? Equation (11)

Δ s t + 1 = η f d t + ( 1 + θ η / λ ) v t + 1 + e t + 1 MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaGaeuiLdqKaam 4CamaaBaaaleaacaWG0bGaey4kaSIaaGymaaqabaGccqGH9aqpcqaH 3oaAcaWGMbGaamizamaaBaaaleaacaWG0baabeaakiabgUcaRmaabm aabaGaaGymaiabgUcaRiabeI7aXjabeE7aOjaac+cacqaH7oaBaiaa wIcacaGLPaaacaWG2bWaaSbaaSqaaiaadshacqGHRaWkcaaIXaaabe aakiabgUcaRiaadwgadaWgaaWcbaGaamiDaiabgUcaRiaaigdaaeqa aaaa@52FB@