A Vague Theory of Choice over Time

  title={A Vague Theory of Choice over Time},
  author={Paola Manzini and Marco Mariotti},
A Vague Theory of Choice over Time 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. We axiomatise a class of preference representations which can be specialised to rationalise ‘anomalies’ such as preference reversals and cyclical preferences. We also present an application to a form of time inconsistency which we dub ‘the… CONTINUE READING

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