We address the following question: When can one person properly be said to be more delay averse than another? In reply, several (nested) comparison methods are developed. These methods yield a theory of delay aversion which parallels that of risk aversion. The applied strength of this theory is demonstrated in a variety of dynamic economic settings, including the classical optimal growth and tree cutting problems, repeated games, and bargaining. Both time-consistent and time-inconsistent scenarios are considered.
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Article provided by Society for Economic Theory in its journal Theoretical Economics.
Find related papers by JEL classification: D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
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Paola Manzini & Marco Mariotti, 2007.
"Choice Over Time,"
IZA Discussion Papers
2993, Institute for the Study of Labor (IZA).
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Other versions:
Paola Manzini & Marco Mariotti, 2007.
"Choice over Time,"
Working Papers
605, Queen Mary, University of London, Department of Economics.
[Downloadable!]