Zeitpräferenz und Zeitkonsistenz: Zur Rationalität sequenzieller Entscheidungen

The paper discusses the problem of discounting, time preference, and time consistent decision making. While a constant pure rate of time preference leads to consistent consumption plans, other discounting schemes – like hyperbolic discounting – do not. Using a so-called money pump argument, time inconsistencies can be shown to be irrational. The paper also explores the use of a hedonic utility concept to explain sequential choice behaviour.


Variant title:
Time Preference and Time Consistency: On the Rationality of Sequential Choice
Issue Date:
2001
Publication Type:
Journal Article
DOI and Other Identifiers:
ISSN 0002-1121 (Other)
PURL Identifier:
http://purl.umn.edu/99006
Published in:
German Journal of Agricultural Economics, Volume 50, Number 8
Page range:
490-497
Total Pages:
8




 Record created 2017-04-01, last modified 2017-08-25

Fulltext:
Download fulltext
PDF

Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)