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Anomaly, impulsivity, and addiction

Takanori Ida

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2010, vol. 39, issue 2, 194-203

Abstract: There are two behavioral approaches to addiction: rational and irrational. The rational approach assumes that addicts have higher time preference rates and lower risk-aversion coefficients--parameters that are interpreted as impulsive preferences. On the other hand, the irrational approach argues that addiction is a consequence of anomalies such as non-expected utility and hyperbolically discounted utility. This paper integrates these two approaches and concludes that anomaly and impulsivity complementarily account for addiction.

Keywords: Anomaly; Time; preference; Risk; aversion; Smoking; Gambling (search for similar items in EconPapers)
Date: 2010
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