Jawwad Noor ()
Journal of Economic Theory, 2013, vol. 148, issue 4, 1463-1486
In formalizing a ‘veil of ignorance’ type procedure, this paper considers how an agentʼs preferences over a set of alternatives change as he is placed at an increasing ‘distance’ from the consequences of his choices. A definition for such ‘removed preferences’ is presented and its properties studied. As an application, it is demonstrated that present biased agents are ‘essentially’ exponential when distanced from the present, and that rank-dependent expected utility agents are ‘essentially’ expected utility when distanced from risk.
Keywords: Psychological distance; Veil of ignorance; Behavioral welfare; Discounting; Probability weighting (search for similar items in EconPapers)
JEL-codes: D11 D60 (search for similar items in EconPapers)
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Working Paper: Removed Preferences (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:148:y:2013:i:4:p:1463-1486
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