Zeitpräferenz und Zeitkonsistenz: Zur Rationalität sequenzieller Entscheidungen

Hans-Peter Weikard

German Journal of Agricultural Economics, 2001, vol. 50, issue 08, 8

Abstract: The 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.

Keywords: Institutional; and; Behavioral; Economics (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:ags:gjagec:99006

DOI: 10.22004/ag.econ.99006

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