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How Far Ahead Do People Plan?

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Author Info
John Hey
Julia Knoll

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Abstract

We 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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File URL: http://www.york.ac.uk/depts/econ/documents/dp/0617.pdf
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Publisher Info
Paper provided by Department of Economics, University of York in its series Discussion Papers with number 06/17.

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Date of creation: Aug 2006
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Handle: RePEc:yor:yorken:06/17

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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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Web page: http://www.york.ac.uk/depts/econ/
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Related research
Keywords: Planning; dominance; myopia; naivety; sophistication;

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Find related papers by JEL classification:
D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. John D. Hey, 2002. "Experimental Economics and the Theory of Decision Making Under Risk and Uncertainty," The Geneva Risk and Insurance Review, Palgrave Macmillan Journals, vol. 27(1), pages 5-21, June. [Downloadable!] (restricted)
  2. Enrica Carbone & John Hey, . "A Test of the Principle of Optimality," Discussion Papers 99/9, Department of Economics, University of York. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Christian Lukas & Jens Robert Schöndube, 2008. "Trust and Adaptive Learning in Implicit Contracts," FEMM Working Papers 08017, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management. [Downloadable!]
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