A Vague Theory of Choice over Time

Paola Manzini and Marco Mariotti

The B.E. Journal of Theoretical Economics, 2006, vol. 6, issue 1, 29

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 reversal and cyclical choice.

Keywords: time preferences; hyperbolic discounting; preference reversal; cycles; intransitive preferences (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (11)

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Working Paper: A Vague Theory of Choice over Time (2004)
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DOI: 10.2202/1534-5963.1265

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