Optimal short-sighted ruless
AbstractThe aim of this paper is to assess the relevance of methodological transfers from behavioral ecology to experimental economics with respect to the elicitation of intertemporal preferences. More precisely our discussion will stem from the analysis of Stephens and Anderson's (2001) seminal article. In their study with blue jays they document that foraging behavior typically implements short-sighted choice rules which are beneficial in the long run. Such long-term profitability of short-sighted behavior cannot be evidenced when using a self-control paradigm (one which contrasts in a binary way sooner smaller and later larger payoffs) but becomes apparent when ecological patch-paradigms (replicating economic situations in which the main trade-off consists in staying on a food patch or leaving for another patch) are implemented. We transfer this methodology in view of contrasting foraging strategies and self-control in human intertemporal choices.
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Bibliographic InfoPaper provided by HAL in its series Post-Print with number ijn_00734565.
Date of creation: 11 Sep 2012
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Publication status: Published, Frontiers in Decision Neuroscience, 2012, 6, 129, 129
Note: View the original document on HAL open archive server: http://jeannicod.ccsd.cnrs.fr/ijn_00734565
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behavioral ecology; intertemporal choice; myopia; patch-paradigms; self-control;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-10-06 (All new papers)
- NEP-EVO-2012-10-06 (Evolutionary Economics)
- NEP-EXP-2012-10-06 (Experimental Economics)
- NEP-HPE-2012-10-06 (History & Philosophy of Economics)
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