Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/20491
Authors: 
Manzini, Paola
Mariotti, Marco
Year of Publication: 
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

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