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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. 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.
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