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A Vague Theory of Choice over Time

  • Manzini Paola

    ()

    (Queen Mary, University of London)

  • Mariotti Marco

    ()

    (Queen Mary, University of London)

We propose a novel approach to modelling time preferences, based on a cognitive shortcoming of human decision makers: the perception of future events becomes increasingly `blurred' as the events are pushed further in time. Our model explains behavioural `anomalies' such as preference reversal and cyclical choice.

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Article provided by De Gruyter in its journal The B.E. Journal of Theoretical Economics.

Volume (Year): 6 (2006)
Issue (Month): 1 (October)
Pages: 1-27

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Handle: RePEc:bpj:bejtec:v:advances.6:y:2006:i:1:n:6
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  1. Fishburn, Peter C & Rubinstein, Ariel, 1982. "Time Preference," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(3), pages 677-94, October.
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