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Impatience as Selfishness

Jawwad Noor () and Norio Takeoka
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Norio Takeoka: norio.takeoka@r.hit-u.ac.jp

No WP2018-008, Boston University - Department of Economics - Working Papers Series from Boston University - Department of Economics

Abstract: Time preference is modelled as a current self that overcomes selfishness by incurring a cognitive cost of empathizing with her future selves. Such a model unifies disparate well-known experimental findings. Behavioral foundations are provided by exploiting the idea that higher stakes provide an incentive for the exertion of higher effort, so that changes in the agent's impatience with respect to the scale of outcomes pin down the underlying process. The behavioral content of limited cognitive resources is shown to lie in violations of Separability.

Pages: 65 pages
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-exp and nep-neu
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