Choice with Time

João Ferreira () and Nicolas Gravel ()

No 1729, AMSE Working Papers from Aix-Marseille School of Economics, France

Abstract: We propose a framework for the analysis of choice behavior when the later explicitly depends upon time. We relate this framework to the traditional setting from which time is absent. We illustrate the usefulness of the introduction of time by proposing three possible models of choice behavior in such a framework: (i) changing preferences, (ii) preference formation by trial and error, and (iii) choice with endogenous status-quo bias. We provide a full characterization of each of these three choice models by means of revealed preference-like axioms that could not be formulated in a timeless setting.

Keywords: choice behavior; time; revealed preferences; changing preferences; learning by trial-and-error; inertia bias (search for similar items in EconPapers)
Pages: 25 pages
Date: 2017-07
New Economics Papers: this item is included in nep-cbe, nep-mic and nep-upt
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Working Paper: Choice with Time (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:aim:wpaimx:1729

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