Utility from anticipation and personal equilibrium

  title={Utility from anticipation and personal equilibrium},
  author={Botond Kőszegi},
I develop a dynamic model of individual decisionmaking in which the agent derives utility from physical outcomes as well as from rational beliefs about physical outcomes (“anticipation”), and these two payoff components can interact. Beliefs and behavior are jointly determined in a personal equilibrium by the requirement that behavior given past beliefs must be consistent with those beliefs. I explore three phenomena made possible by utility from anticipation, and prove that if the… CONTINUE READING
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