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Choice with Time

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Abstract

We propose a framework for the analysis of choice behavior when the later explicitly depends upon time. We relate this framework to the traditional setting from which time is absent. We illustrate the usefulness of the introduction of time by proposing three possible models of choice behavior in such a framework: (i) changing preferences, (ii) preference formation by trial and error, and (iii) choice with endogenous status-quo bias. We provide a full characterization of each of these three choice models by means of revealed preference-like axioms that could not be formulated in a timeless setting.

Suggested Citation

  • João V. Ferreira & Nicolas Gravel, 2017. "Choice with Time," AMSE Working Papers 1729, Aix-Marseille School of Economics, France.
    • Handle: RePEc:aim:wpaimx:1729
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    1. Yuta Inoue, 2020. "Growing Consideration," Working Papers 2003, Waseda University, Faculty of Political Science and Economics.

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    Keywords

    choice behavior; time; revealed preferences; changing preferences; learning by trial-and-error; inertia bias;
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