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The Revealed Preference Theory of Changing Tastes

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  • Faruk Gul
  • Wolfgang Pesendorfer
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    Abstract

    We analyse preferences over finite decision problems in order to model decision-makers with "changing tastes". we provide conditions on these preferences that identify the Strotz model of consistent planning. building on an example given by Peleg and Yaari (1973) , we show that for problems with infinitely many choices, Strotz's representation of preferences may not be well defined. For that case, we propose a well-defined approximation which is empirically indistinguishable from the Strotz preference that is being approximated. Copyright 2005, Wiley-Blackwell.

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    File URL: http://hdl.handle.net/10.1111/j.1467-937X.2005.00338.x
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    Bibliographic Info

    Article provided by Oxford University Press in its journal The Review of Economic Studies.

    Volume (Year): 72 (2005)
    Issue (Month): 2 ()
    Pages: 429-448

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    Handle: RePEc:oup:restud:v:72:y:2005:i:2:p:429-448

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    Cited by:
    1. Boyarchenko, Svetlana & Levendorskii, Sergei, 2010. "Discounting when income is stochastic and climate change policies," MPRA Paper 27998, University Library of Munich, Germany.
    2. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
    3. Kevin X. D. Huang & Zheng Liu & Qi Zhu, 2006. "Temptation and self-control: some evidence and applications," Staff Report 367, Federal Reserve Bank of Minneapolis.
    4. Monisankar Bishnu & Min Wang, 2012. "Voting under temptation," Indian Statistical Institute, Planning Unit, New Delhi Discussion Papers 12-03, Indian Statistical Institute, New Delhi, India.
    5. Abe, Koji, 2012. "A geometric approach to temptation," Journal of Mathematical Economics, Elsevier, vol. 48(2), pages 92-97.
    6. Startz Richard & Tsang Kwok Ping, 2012. "Nonexponential Discounting: A Direct Test And Perhaps A New Puzzle," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-35, November.
    7. Alexander Groves, 2013. "Identifying What is tempting," Working Papers ECARES 2013-41, ULB -- Universite Libre de Bruxelles.

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