Time-consistent optimal stopping
AbstractThis 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.
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Bibliographic InfoArticle provided by Elsevier in its journal Economics Letters.
Volume (Year): 56 (1997)
Issue (Month): 3 (November)
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Web page: http://www.elsevier.com/locate/ecolet
Other versions of this item:
- C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
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- Ted O'Donoghue & Matthew Rabin, 1996.
"Doing It Now or Later,"
1172, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- O'Donoghue, Ted & Rabin, Matthew, 1997. "Doing It Now or Later," Department of Economics, Working Paper Series qt7t44m5b0, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Ted O'Donoghue and Matthew Rabin ., 1997. "Doing It Now or Later," Economics Working Papers 97-253, University of California at Berkeley.
- Yoram Halevy, 2004.
"Diminishing Impatience: Disentangling Time Preference from Uncertain Lifetime,"
122247000000000185, UCLA Department of Economics.
- Halevy, Yoram, 2004. "Diminishing Impatience: Disentangling Time Preference from Uncertain Lifetime," Micro Theory Working Papers halevy-04-10-29-09-59-47, Microeconomics.ca Website, revised 12 Sep 2005.
- Jussi Keppo & Lones Smith & Dmitry Davydov, 2006. "Optimal Electoral Timing: Exercise Wisely and You May Live Longer," Cowles Foundation Discussion Papers 1565, Cowles Foundation for Research in Economics, Yale University.
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