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The real options approach is used to explain discounted utility anomalies as artifacts of the optimizing behavior of an individual with standard preferences, who perceives the utility from consumption in the future as uncertain. For this individual,waiting is valuable because uncertainty is...
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Dynamic consistency is crucial for credible evaluation of intergenerational choice plans that inherently lack commitment. We offer a general characterization for dynamically consistent intergenerational welfare aggregation. The aggregation is characterized by envy-guilt asymmetry in discounting...
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Analysis of an original nationwide Internet survey reveals that health-related behavior shows associations with three … are indicative of being a time-inconsistent procrastinator, and classified as sophisticated otherwise. The health …-related indicators that we examine relate to smoking, health condition, dentition status, and body habitus. We first show that a higher …
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