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?.
time preferences hyperbolic discounting preference reversal cycles intransitive preferences