A vague theory of choice over time

We propose a novel approach to modelling time preferences, based on a cognitive shortcoming of human decision makers: the perception of future events becomes increasingly `blurred' as the events are pushed further in time. Our model explains behavioural `anomalies' such as preference reversals and cyclical choice.

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Year of publication:	2002-03-14
Authors:	Manzini, Paola ; Mariotti, Marco
Institutions:	EconWPA
Subject:	time preferences \| hyperbolic discounting \| preference reversal \| cycles \| intransitive preferences

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Extent:	application/pdf
Series:	Game Theory and Information.
Type of publication:	Book / Working Paper
Notes:	Type of Document - Acrobat PDF; prepared on IBM PC; figures: included
Classification:	A12 - Relation of Economics to Other Disciplines ; C70 - Game Theory and Bargaining Theory. General ; D90 - Intertemporal Choice and Growth. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005118559