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Removed Preferences

Jawwad Noor ()

No WP2011-038, Boston University - Department of Economics - Working Papers Series from Boston University - Department of Economics

Abstract: In formalizing a ‘veil of ignorance’ type procedure, this paper considers how an agent’s 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 decreasingly impatient 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)
Pages: 35 pages
Date: 2011-01
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