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Impatience as Selfishness

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  • Jawwad Noor

    () (Department of Economics, Boston University)

  • Norio Takeoka

    (norio.takeoka@r.hit-u.ac.jp)

Abstract

Time preference is modelled as a current self that overcomes selfishness by incurring a cognitive cost of empathizing with her future selves. Such a model unifies disparate well-known experimental findings. Behavioral foundations are provided by exploiting the idea that higher stakes provide an incentive for the exertion of higher effort, so that changes in the agent's impatience with respect to the scale of outcomes pin down the underlying process. The behavioral content of limited cognitive resources is shown to lie in violations of Separability.

Suggested Citation

  • Jawwad Noor & Norio Takeoka, "undated". "Impatience as Selfishness," Boston University - Department of Economics - Working Papers Series WP2018-008, Boston University - Department of Economics.
  • Handle: RePEc:bos:wpaper:wp2018-008
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    References listed on IDEAS

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    1. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2010. "Are Risk Aversion and Impatience Related to Cognitive Ability?," American Economic Review, American Economic Association, vol. 100(3), pages 1238-1260, June.
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    3. David K. Levine & Drew Fudenberg, 2006. "A Dual-Self Model of Impulse Control," American Economic Review, American Economic Association, vol. 96(5), pages 1449-1476, December.
    4. Xavier Gabaix, 2014. "A Sparsity-Based Model of Bounded Rationality," The Quarterly Journal of Economics, Oxford University Press, vol. 129(4), pages 1661-1710.
    5. Ellis, Andrew, 2018. "Foundations for optimal inattention," Journal of Economic Theory, Elsevier, vol. 173(C), pages 56-94.
    6. Haluk Ergin & Todd Sarver, 2010. "A Unique Costly Contemplation Representation," Econometrica, Econometric Society, vol. 78(4), pages 1285-1339, July.
    7. Katsutoshi Wakai, 2008. "A Model of Utility Smoothing," Econometrica, Econometric Society, vol. 76(1), pages 137-153, January.
    8. Epstein, Larry G & Hynes, J Allan, 1983. "The Rate of Time Preference and Dynamic Economic Analysis," Journal of Political Economy, University of Chicago Press, vol. 91(4), pages 611-635, August.
    9. George Loewenstein & Drazen Prelec, 1992. "Anomalies in Intertemporal Choice: Evidence and an Interpretation," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 573-597.
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