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Irrationality and intertemporal choice in early neoclassical thought

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  • Sandra J. Peart

Abstract

Early neoclassical economists presumed an element of irrationality in the context of intertemporal decision making. W.S. Jevons, Irving Fisher, Alfred Marshall, and A.C. Pigou observed a preference for present over future consumption, and each took this as evidence that consumer "foresight" or "will power" was defective. The labouring classes were said to discount future consumption to reflect uncertainty, and such discounting is regarded as "rational." But each of these economists focused on an additional, and purportedly "irrational," reason for discounting: "impatience." Consumers are thus said to make persistent miscalculations when it comes to decisions involving time.

Suggested Citation

  • Sandra J. Peart, 2000. "Irrationality and intertemporal choice in early neoclassical thought," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 175-189, February.
    • Handle: RePEc:cje:issued:v:33:y:2000:i:1:p:175-189
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    Citations

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    Cited by:

    1. Marc-Arthur Diaye & André Lapidus, 2016. "Decision and Time from a Humean Point of View," Working Papers hal-01372527, HAL.
    2. Marc-Arthur Diaye & André Lapidus, 2019. "Decision and Time from a Humean Point of View," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01372527, HAL.
    3. Levy, David M. & Peart, Sandra J. & Farrant, Andrew, 2005. "The spatial politics of F.A. Hayek's Road to Serfdom," European Journal of Political Economy, Elsevier, vol. 21(4), pages 982-999, December.
    4. Bhattacharya, Shantanu & Krishnan, V. & Mahajan, Vijay, 2003. "Operationalizing technology improvements in product development decision-making," European Journal of Operational Research, Elsevier, vol. 149(1), pages 102-130, August.
    5. David Levy & Sandra J. Peart, 2010. "Richard Whately and the Gospel of Transparency," American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(1), pages 166-187, January.
    6. Sandra J. Peart, 2020. "On fallibility and perfection: Boettke’s Hayek vs. mainline economics," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 271-276, March.
    7. Sandra J. Peart & David M. Levy, 2023. "Menger and Jevons: beliefs and things," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(2), pages 271-287, June.
    8. Antoine Bommier, 2008. "Rational Impatience ?," Working Papers hal-00441880, HAL.
    9. Levy, David M. & Peart, Sandra J., 2004. "Statistical prejudice: from eugenics to immigrants," European Journal of Political Economy, Elsevier, vol. 20(1), pages 5-22, March.
    10. Antoine Bommier, 2005. "Life-Cycle Theory for Human Beings," Working Papers hal-00441890, HAL.
    11. Robert W. Dimand, 2005. "Economists and the Shadow of “The Other” Before 1914," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(3), pages 827-850, July.
    12. List, John & Millimet, Daniel, "undated". "Bounding the Impact of Market Experience on Rationality: Evidence from a Field Experiment with Imperfect Compliance," Departmental Working Papers 0505, Southern Methodist University, Department of Economics.
    13. Walid Merouani & Nacer-Eddine Hammouda & Claire El Moudden, 2018. "Do myopia and asymmetric information matter in the demand for social insurance?," Working Papers 1212, Economic Research Forum, revised 28 Jun 2018.

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