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Myopic Economic Agents


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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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Paper provided by Cowles Foundation for Research in Economics, 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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