A vague theory of choice over time

Paola Manzini and Marco Mariotti

Game Theory and Information from University Library of Munich, Germany

Abstract: We propose a novel approach to modelling time preferences, based on a cognitive shortcoming of human decision makers: the perception of future events becomes increasingly `blurred' as the events are pushed further in time. Our model explains behavioural `anomalies' such as preference reversals and cyclical choice.

Keywords: time preferences; hyperbolic discounting; preference reversal; cycles; intransitive preferences (search for similar items in EconPapers)
JEL-codes: A12 C70 D90 (search for similar items in EconPapers)
Date: 2002-03-14, Revised 2005-07-21
Note: Type of Document - Acrobat PDF; prepared on IBM PC; figures: included
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
https://econwpa.ub.uni-muenchen.de/econ-wp/game/papers/0203/0203004.pdf (application/pdf)

Related works:
Journal Article: A Vague Theory of Choice over Time (2006)
Working Paper: A Vague Theory of Choice over Time (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpga:0203004

Access Statistics for this paper

More papers in Game Theory and Information from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA ( this e-mail address is bad, please contact ).