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Title:A Vague Theory of Choice over Time PDF Logo
Authors:Manzini, Paola
Mariotti, Marco
Issue Date:2004
Series/Report no.:IZA Discussion paper series 1228
Abstract: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. We axiomatise a class of preference representations which can be specialised to rationalise ?anomalies? such as preference reversals and cyclical preferences. We also present an application to a form of time inconsistency which we dub ?the now or never fallacy?.
Subjects:time preferences
hyperbolic discounting
preference reversal
cycles
intransitive preferences
JEL:D90
C70
A12
Document Type:Working Paper
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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