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Choice with Time

João Ferreira () and Nicolas Gravel ()

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Abstract: We propose a framework for the analysis of choice behavior when the later explicitly depends upon time. We relate this framework to the traditional setting from which time is absent. We illustrate the usefulness of the introduction of time by proposing three possible models of choice behavior in such a framework: (i) changing preferences, (ii) preference formation by trial and error, and (iii) choice with endogenous status-quo bias. We provide a full characterization of each of these three choice models by means of revealed preference-like axioms that could not be formulated in a timeless setting.

Keywords: learning by trial-and-error; changing preferences; choice behavior; time; revealed preferences; inertia bias (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe and nep-upt
Date: 2017-07
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01577260
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