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Zeitpräferenz und Zeitkonsistenz: Zur Rationalität sequenzieller Entscheidungen

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  • Weikard, Hans-Peter

Abstract

The paper discusses the problem of discounting, time preference, and time consistent decision making. While a constant pure rate of time preference leads to consistent consumption plans, other discounting schemes – like hyperbolic discounting – do not. Using a so-called money pump argument, time inconsistencies can be shown to be irrational. The paper also explores the use of a hedonic utility concept to explain sequential choice behaviour.

Suggested Citation

  • Weikard, Hans-Peter, 2001. "Zeitpräferenz und Zeitkonsistenz: Zur Rationalität sequenzieller Entscheidungen," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 50(08), pages 1-8.
    • Handle: RePEc:ags:gjagec:99006
    DOI: 10.22004/ag.econ.99006
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    References listed on IDEAS

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