Anomaly, impulsivity, and addiction
AbstractThere are two behavioral approaches to addiction: rational and irrational. The rational approach assumes that addicts have higher time preference rates and lower risk-aversion coefficients--parameters that are interpreted as impulsive preferences. On the other hand, the irrational approach argues that addiction is a consequence of anomalies such as non-expected utility and hyperbolically discounted utility. This paper integrates these two approaches and concludes that anomaly and impulsivity complementarily account for addiction.
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Bibliographic InfoArticle provided by Elsevier in its journal The Journal of Socio-Economics.
Volume (Year): 39 (2010)
Issue (Month): 2 (April)
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Web page: http://www.elsevier.com/locate/inca/620175
Anomaly Time preference Risk aversion Smoking Gambling;
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