A vague theory of choice over time

Paola Manzini () and Marco Mariotti

Game Theory and Information from EconWPA

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. Our model explains behavioural `anomalies' such as preference reversals and cyclical choice.

Keywords: time preferences; hyperbolic discounting; preference reversal; cycles; intransitive preferences (search for similar items in EconPapers)
JEL-codes: A12 C70 D90 (search for similar items in EconPapers)
Date: 2002-03-14, Revised 2005-07-21
Note: Type of Document - Acrobat PDF; prepared on IBM PC; figures: included
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http://129.3.20.41/eps/game/papers/0203/0203004.pdf (application/pdf)

Related works:
Working Paper: A Vague Theory of Choice over Time (2004)
Journal Article: A Vague Theory of Choice over Time (2006)
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpga:0203004

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