Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/304517 
Title (translated): 
Time Preference and Time Consistency: On the Rationality of Sequential Choice
Year of Publication: 
2001
Citation: 
[Journal:] Agrarwirtschaft: Zeitschrift für Betriebswirtschaft, Marktforschung und Agrarpolitik [ISSN:] 0002-1121 [Volume:] 50 [Issue:] 8 [Year:] 2001 [Pages:] 490-497
Publisher: 
Deutscher Fachverlag, Frankfurt a. M.
Abstract (Translated): 
On the Rationality of Sequential ChoiceThe paper discusses the problem of discounting, time preference, and time consistent decision making. While a constant pure rate of time preference leads to consistent consumption plans, other discounting schemes - like hyperbolic discounting - do not. Using a so-called money pump argument, time inconsistencies can be shown to be irrational. The paper also explores the use of a hedonic utility concept to explain sequential choice behaviour.
Subjects: 
Zeitökonomie
Zeitkonsistenz
Intertemporale Entscheidung
Diskontierung
Rationalität
Persistent Identifier of the first edition: 
Document Type: 
Article

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