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Myopic Economic Agents

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Author Info
Donald J. Brown () (Cowles Foundation, Yale University)
Lucinda M. Lewis

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Abstract

An economic agent is said to be weakly myopic if he prefers a time-contingent consumption plan x bar to a time-contingent consumption plany bar, then he prefers x bar x to y bar augmented by any stationary consumption plan which begins sufficiently far in the future. An economic agent is said to be monotonically myopic if when he prefers a state-contingent consumption plan x bar to a state-contingent consumption plan y bar, then he prefers any sufficiently large finite truncation of y bar. A topology on the space of time (state)-contingent consumption plans is said to be weakly (monotonically) myopic if every complete preference relation which is continuous in this topology is weakly (monotonically) myopic. A characterization of weakly (monotonically) myopic Hausdorff locally convex linear topologies and their dual spaces is given.

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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 481.

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Length: 25 pages
Date of creation: 1978
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Publication status: Published in Econometrica (March 1981), 49(2): 359-368
Handle: RePEc:cwl:cwldpp:481

Note: CFP 525.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. Kerry Back, 1986. "Structure of Consumption Sets and Existence of Equilibria in Infinite Dimensional Spaces," Discussion Papers 633, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  2. Toyotaka Sakai, 2006. "Equitable Intergenerational Preferences on Restricted Domains," Social Choice and Welfare, Springer, vol. 27(1), pages 41-54, August. [Downloadable!] (restricted)
  3. Yukinobu Kitamura, 2005. "Dynamic Consumption Behavior: Evidence from Japanese Household Panel Data (This paper was revised as 06-184 in August 2006)," Hi-Stat Discussion Paper Series d05-116, Institute of Economic Research, Hitotsubashi University.
  4. Toyotaka Sakai, 2003. "Intergenerational preferences and sensitivity to the present," Economics Bulletin, Economics Bulletin, vol. 4(26), pages 1-5. [Downloadable!]
  5. Jose C. R. Alcantud & Ghanshyam B. Mehta, 2005. "Constructive Utility Functions on Banach spaces," Microeconomics 0502003, EconWPA. [Downloadable!]
  6. David K. Levine & William R. Zame, 1993. "Debt Constraints and Equilibrium in Infinite Horizon Economies with Incomplete Markets," UCLA Economics Working Papers 703, UCLA Department of Economics. [Downloadable!]
    Other versions:
  7. Larry E. Jones, 1982. "A Competitive Model of Commodity Differentiation," Discussion Papers 526, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
    Other versions:
  8. Pivato, Marcus, 2008. "Sustainable preferences via nondiscounted, hyperreal intergenerational welfare functions," MPRA Paper 7461, University Library of Munich, Germany. [Downloadable!]
  9. Rajnish Mehra & Edward C. Prescott, 1982. "A test of the intertemporal asset pricing model," Staff Report 81, Federal Reserve Bank of Minneapolis. [Downloadable!]
  10. Banerjee, Kuntal & Mitra, Tapan, 2004. "On the Continuity of Ethical Social Welfare Orders," Working Papers 04-16, Cornell University, Center for Analytic Economics. [Downloadable!]
  11. Kenneth J. Arrow, . "Intergenerational Equity and the Rate of Discount in Long-Term Social Investment," Working Papers 97005, Stanford University, Department of Economics. [Downloadable!]
  12. Yukinobu Kitamura, 2006. "Dynamic Consumption Behavior: Evidence from Japanese Household Panel Data (Revised version)," Hi-Stat Discussion Paper Series d06-184, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
  13. Juan Candeal & Juan De Miguel & Esteban Induráin, 2002. "Expected utility from additive utility on semigroups," Theory and Decision, Springer, vol. 53(1), pages 87-94, August. [Downloadable!] (restricted)
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