How Far Ahead Do People Plan?
AbstractWe report on a simple experiment which enables us to infer how far people plan ahead when taking decisions in a dynamic risky context. Usually economic theory assumes that people plan right to the end of the planning horizon. We find that this is true for a little over half of the subjects in the experiment, while a little under one half seem not to plan ahead at all.
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Bibliographic InfoPaper provided by Department of Economics, University of York in its series Discussion Papers with number 06/17.
Date of creation: Aug 2006
Date of revision:
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Planning; dominance; myopia; naivety; sophistication;
Other versions of this item:
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-09-16 (All new papers)
- NEP-CBA-2006-09-16 (Central Banking)
- NEP-CBE-2006-09-16 (Cognitive & Behavioural Economics)
- NEP-EXP-2006-09-16 (Experimental Economics)
- NEP-KNM-2006-09-16 (Knowledge Management & Knowledge Economy)
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