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Sharpening Intertemporal Prospect Theory

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Author Info
Pushpa, Rathie
Carlos, Radavelli
Sergio, Da Silva

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Abstract

Prospect theory [4] of risky choices has been extended to encompass intertemporal choices [6]. Presentation of intertemporal prospect theory suffers from minor mistakes, however [2]. To clarify the theory we restate it and show further mistakes in current presentations ([6], [2]) of value and discount functions.

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File URL: http://mpra.ub.uni-muenchen.de/1849/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 1849.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:1849

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D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving

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  1. Colin Camerer & George Loewenstein & Drazen Prelec, 2005. "Neuroeconomics: How Neuroscience Can Inform Economics," Journal of Economic Literature, American Economic Association, vol. 43(1), pages 9-64, March. [Downloadable!] (restricted)
  2. al-Nowaihi, Ali & Dhami, Sanjit, 2006. "A note on the Loewenstein-Prelec theory of intertemporal choice," Mathematical Social Sciences, Elsevier, vol. 52(1), pages 99-108, July. [Downloadable!] (restricted)
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  3. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March. [Downloadable!] (restricted)
  4. Loewenstein, George & Prelec, Drazen, 1992. "Anomalies in Intertemporal Choice: Evidence and an Interpretation," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 573-97, May. [Downloadable!] (restricted)
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