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Cold feet

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Author Info

  • Epstein, Larry G.

    ()
    (Boston University)

  • Kopylov, Igor

    ()
    (UC Irvine)

Abstract

Individuals often lose confidence in their prospects as they approach the `moment of truth.' An axiomatic model of such individuals is provided. The model adapts and extends (by relaxing the Independence axiom) Gul and Pesendorfer's model of temptation and self-control to capture an individual who changes her beliefs so as to become more pessimistic as payoff time approaches. In a variation of the model, the individual becomes more optimistic at an ex post stage in order to feel better about her available options.

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File URL: http://econtheory.org/ojs/index.php/te/article/viewFile/20070231/1345/63
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Bibliographic Info

Article provided by Econometric Society in its journal Theoretical Economics.

Volume (Year): 2 (2007)
Issue (Month): 3 (September)
Pages:

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Handle: RePEc:the:publsh:317

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Web page: http://econtheory.org

Related research

Keywords: Pessimism; optimism; cold feet; temptation; self-control; moment of truth; temporal proximity; confidence;

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Cited by:
  1. Barton L. Lipman & Wolfgang Pesendorfer, 2010. "Temptation," Boston University - Department of Economics - Working Papers Series WP2010-021, Boston University - Department of Economics.
  2. Barbos, Andrei, 2013. "A reference-dependent representation with subjective tastes," Journal of Mathematical Economics, Elsevier, vol. 49(2), pages 111-123.
  3. Thomas M. Eisenbach & Martin C. Schmalz, 2013. "Up close it feels dangerous: 'anxiety' in the face of risk," Staff Reports 610, Federal Reserve Bank of New York.

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