RDP 9307: Explaining Forward Discount Bias: Is it Anchoring? Equation (16)

min ( 1 , α T + q ) w i t h p r o b a b i l i t y p ( α T , η ) α T + 1 = max ( 0 , α T q ) w i t h p r o b a b i l i t y 1 p ( α T , η ) MathType@MTEF@5@5@+= feaagKart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLn hiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr 4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9 vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=x fr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaqbaeaGamabaa aabaaabaGaciyBaiaacMgacaGGUbWaaeWaaeaacaaIXaGaaiilaiab eg7aHnaaBaaaleaacaWGubaabeaakiabgUcaRiaadghaaiaawIcaca GLPaaaaeaacaWG3bGaamyAaiaadshacaWGObGaaGPaVlaadchacaWG YbGaam4BaiaadkgacaWGHbGaamOyaiaadMgacaWGSbGaamyAaiaads hacaWG5baabaGaaGPaVlaadchadaqadaqaaiabeg7aHnaaBaaaleaa caWGubaabeaakiaacYcacqaH3oaAaiaawIcacaGLPaaaaeaacqaHXo qydaWgaaWcbaGaamivaiabgUcaRiaaigdaaeqaaOGaeyypa0dabaaa baaabaaabaaabaGaciyBaiaacggacaGG4bWaaeWaaeaacaWGWaGaai ilaiabeg7aHnaaBaaaleaacaWGubaabeaakiabgkHiTiaadghaaiaa wIcacaGLPaaaaeaacaWG3bGaamyAaiaadshacaWGObGaaGPaVlaadc hacaWGYbGaam4BaiaadkgacaWGHbGaamOyaiaadMgacaWGSbGaamyA aiaadshacaWG5baabaGaaGymaiabgkHiTiaadchadaqadaqaaiabeg 7aHnaaBaaaleaacaWGubaabeaakiaacYcacqaH3oaAaiaawIcacaGL Paaaaaaaaa@8228@