A Vague Theory of Choice over Time
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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Volume (Year): 6 (2006)
Issue (Month): 1 (October)
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