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Full-Text Articles in Behavioral Economics
A Vague Theory Of Choice Over Time, Paola Manzini, Marco Mariotti
A Vague Theory Of Choice Over Time, Paola Manzini, Marco Mariotti
Paola Manzini
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. Our model explains behavioural ‘anomalies’ such as preference reversal and cyclical choice.