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Choice with Time

Author

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  • João V Ferreira

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

  • Nicolas Gravel

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

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," Working Papers halshs-01577260, HAL.
    • Handle: RePEc:hal:wpaper:halshs-01577260
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01577260
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    References listed on IDEAS

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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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