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Time Consistent Optimal Stopping

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  • Smith, L.

Abstract

This paper investigates time consistent preferences where the strategy space consists of a stopping time, and decision-maker also acts under uncertainty. Despite the requirement of identical vNM preferences, it is shown that in addition to the e xponential discounting class identified by Strotz (1956), negative affine discounting also yields time consistent behavior.

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Bibliographic Info

Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number 97-5.

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Length: 3 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:mit:worpap:97-5

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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA
Phone: (617) 253-3361
Fax: (617) 253-1330
Web page: http://econ-www.mit.edu/
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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA
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Keywords: PREFERENCE CHOICES;

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References

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  1. Ted O'Donoghue & Matthew Rabin, 1996. "Doing It Now or Later," Discussion Papers 1172, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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Cited by:
  1. Yoram Halevy, 2004. "Diminishing Impatience: Disentangling Time Preference from Uncertain Lifetime," Levine's Bibliography 122247000000000185, UCLA Department of Economics.
  2. Jussi Keppo & Lones Smith & Dmitry Davydov, 2006. "Optimal Electoral Timing: Exercise Wisely and You May Live Longer," Cowles Foundation Discussion Papers 1565, Cowles Foundation for Research in Economics, Yale University.

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