Time Consistent Optimal Stopping

Lones Smith

Working papers from Massachusetts Institute of Technology (MIT), Department of Economics

Abstract: This paper investigates time consistent preferences where the strategy space consists of a stopping time, and decision-maker also acts under uncertainty. Despite the requirement of identical vNM preferences, it is shown that in addition to the e xponential discounting class identified by Strotz (1956), negative affine discounting also yields time consistent behavior.

Keywords: PREFERENCE; CHOICES (search for similar items in EconPapers)
JEL-codes: C44 (search for similar items in EconPapers)
Pages: 3 pages
Date: 1997
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Citations: View citations in EconPapers (2)

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Journal Article: Time-consistent optimal stopping (1997)
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