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Medientyp:
Bericht;
E-Book
Titel:
The logical consistency of time inconsistency: A theory of forward-looking behavior
Beteiligte:
Galperti, Simone
[Verfasser:in];
Strulovici, Bruno
[Verfasser:in]
Erschienen:
Evanston, IL: Northwestern University, Kellogg School of Management, Center for Mathematical Studies in Economics and Management Science, 2013
Anmerkungen:
Diese Datenquelle enthält auch Bestandsnachweise, die nicht zu einem Volltext führen.
Beschreibung:
This paper argues that, to be forward-looking in a logically consistent sense, a decision maker must take account of his overall well-being, not just his instantaneous utility, in all future periods. However, such a decision-maker is necessarily time inconsistent. The paper explores the relationship between how a decision-maker discounts well-being and how he discounts instantaneous utility. It also provides simple axiomatizations of preferences that exhibit forward-looking behavior, including quasi-hyperbolic discounting (Phelps and Pollack (1968) [18]; Laibson (1997) [12]). Finally, the paper provides a rigorous way to think about welfare criteria in models with time inconsistent agents.