3. In an experiment, a researcher asks participants to make two different choices. In the first choice, participants need to choose between receiving $100 today and $120 1 year from now. In the second choice, participants need to choose between receiving $100 4 years from now and $120 5 years from now. Suppose that there are two types of participants; exponential discounters and quasi-hyperbolic discounters. Exponential discounters have a 8 value of 0.9. Quasi-hyperbolic discounters have a value of 0.7 and a 8 value of 0.95. Discounted Value of $100 Now Discounted Value of $120 1 Year from Now Choice Model Exponential Quasi-hyperbolic Discounted Value of $100 4 Years from Now Discounted Value of $120 5 Years from Now Choice Model Exponential Quasi-hyperbolic a. Complete the above tables. In the "choice column, indicate which reward each discounter would choose. b. We say that an individual is dynamically consistent if they exhibit consistent behavior for choices that involve the future no matter how far in the future is the frame of reference. (For example, if I'd choose to wait for 2 chocolate bars 1 year and 1 day from now instead of 1 chocolate bar 1 year from now, I would also choose to wait for 2 chocolate bars tomorrow instead of 1 chocolate bar today if I am dynamically consistent.) Are exponential discounters in this example dynamically consistent? Why or why not? Are quasi-hyperbolic discounters in this example dynamically consistent? Why or why not? 3. In an experiment, a researcher asks participants to make two different choices. In the first choice, participants need to choose between receiving $100 today and $120 1 year from now. In the second choice, participants need to choose between receiving $100 4 years from now and $120 5 years from now. Suppose that there are two types of participants; exponential discounters and quasi-hyperbolic discounters. Exponential discounters have a 8 value of 0.9. Quasi-hyperbolic discounters have a value of 0.7 and a 8 value of 0.95. Discounted Value of $100 Now Discounted Value of $120 1 Year from Now Choice Model Exponential Quasi-hyperbolic Discounted Value of $100 4 Years from Now Discounted Value of $120 5 Years from Now Choice Model Exponential Quasi-hyperbolic a. Complete the above tables. In the "choice column, indicate which reward each discounter would choose. b. We say that an individual is dynamically consistent if they exhibit consistent behavior for choices that involve the future no matter how far in the future is the frame of reference. (For example, if I'd choose to wait for 2 chocolate bars 1 year and 1 day from now instead of 1 chocolate bar 1 year from now, I would also choose to wait for 2 chocolate bars tomorrow instead of 1 chocolate bar today if I am dynamically consistent.) Are exponential discounters in this example dynamically consistent? Why or why not? Are quasi-hyperbolic discounters in this example dynamically consistent? Why or why not