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Choice with Time

Author

Listed:
  • João Ferreira

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

  • Nicolas Gravel

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

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 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://halshs.archives-ouvertes.fr/halshs-01577260
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    References listed on IDEAS

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    Cited by:

    1. Yuta Inoue, 2020. "Growing Consideration," Working Papers 2003, Waseda University, Faculty of Political Science and Economics.

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    Keywords

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