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Dynamic Preference Reversals And Time Inconsistency
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Book Synopsis Dynamic Preference "Reversals" and Time Inconsistency by : Philipp Strack
Download or read book Dynamic Preference "Reversals" and Time Inconsistency written by Philipp Strack and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study identification of time inconsistency when an agent at time 0 makes an advance commitment, and later at time 1 can revise their choice after possibly receiving additional information. Roughly speaking, we prove that the only data that reject time-consistent expected utility maximization is a time-0 choice that is always strictly dominated at time 1. This holds for rich choice sets; if the complete ranking of alternatives is observed in every period and state; when it is natural to assume additional properties like concavity; and with supplementary cardinal information. However, time inconsistency can be point identified from willingness to pay for different alternatives in both periods, if utility from money is plausibly additively-separable and independent of time-1 information.
Book Synopsis Age-Induced Acceleration of Time by : Derek Lemoine
Download or read book Age-Induced Acceleration of Time written by Derek Lemoine and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our perception of time is both nonlinear and nonstationary, which makes preference reversals possible. I decompose the sources of dynamic inconsistency into a time acceleration effect and a time compression effect. Standard economic models focus only on the second effect. I show that when the perception of time accelerates with age, the two effects can offset each other for hyperbolic discounters but not for exponential discounters. In line with the results of recent economic experiments, such hyperbolic discounters would report discount rates that seem to imply dynamic inconsistency but would nonetheless manifest dynamic consistency in actual choices over time.
Book Synopsis Collective Dynamic Choice by : Matthew O. Jackson
Download or read book Collective Dynamic Choice written by Matthew O. Jackson and published by . This book was released on 2014 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study collective decisions by time-discounting individuals choosing a common consumption stream. We show that with any heterogeneity in time preferences, every Pareto efficient and non-dictatorial method of aggregating utility functions must be time-inconsistent. We also show that decisions made via non-dictatorial voting methods are intransitive.
Book Synopsis The Science of Giving by : Daniel M. Oppenheimer
Download or read book The Science of Giving written by Daniel M. Oppenheimer and published by Psychology Press. This book was released on 2011-01-19 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt: Americans donate over 300 billion dollars a year to charity, but the psychological factors that govern whether to give, and how much to give, are still not well understood. Our understanding of charitable giving is based primarily upon the intuitions of fundraisers or correlational data which cannot establish causal relationships. By contrast, the chapters in this book study charity using experimental methods in which the variables of interest are experimentally manipulated. As a result, it becomes possible to identify the causal factors that underlie giving, and to design effective intervention programs that can help increase the likelihood and amount that people contribute to a cause. For charitable organizations, this book examines the efficacy of fundraising strategies commonly used by nonprofits and makes concrete recommendations about how to make capital campaigns more efficient and effective. Moreover, a number of novel factors that influence giving are identified and explored, opening the door to exciting new avenues in fundraising. For researchers, this book breaks novel theoretical ground in our understanding of how charitable decisions are made. While the chapters focus on applications to charity, the emotional, social, and cognitive mechanisms explored herein all have more general implications for the study of psychology and behavioral economics. This book highlights some of the most intriguing, surprising, and enlightening experimental studies on the topic of donation behavior, opening up exciting pathways to cross-cutting the divide between theory and practice.
Book Synopsis The Thief of Time by : Chrisoula Andreou
Download or read book The Thief of Time written by Chrisoula Andreou and published by Oxford University Press. This book was released on 2010-04-14 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: When we fail to achieve our goals, procrastination is often the culprit. But how exactly is procrastination to be understood? It has been described as imprudent, irrational, inconsistent, and even immoral, but there has been no sustained philosophical debate concerning the topic. This edited volume starts in on the task of integrating the problem of procrastination into philosophical inquiry. The focus is on exploring procrastination in relation to agency, rationality, and ethics-topics that philosophy is well-suited to address. Theoretically and empirically informed analyses are developed and applied with the aim of shedding light on a vexing practical problem that generates a great deal of frustration, regret, and harm. Some of the key questions that are addressed include the following: How can we analyze procrastination in a way that does justice to both its voluntary and its self-defeating dimensions? What kind of practical failing is procrastination? Is it a form of weakness of will? Is it the product of fragmented agency? Is it a vice? Given the nature of procrastination, what are the most promising coping strategies?
Book Synopsis The Oxford Handbook of Substance Use and Substance Use Disorders by : Kenneth J. Sher
Download or read book The Oxford Handbook of Substance Use and Substance Use Disorders written by Kenneth J. Sher and published by Oxford University Press, USA. This book was released on 2016 with total page 713 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The Oxford Handbook of Substance Use and Substance Use Disorders provides comprehensive reviews of key areas of inquiry into the fundamental nature of substance use and SUDs, their features, causes, consequences, course, treatment, and prevention"--
Book Synopsis The Foundations of Behavioral Economic Analysis by : Sanjit Dhami
Download or read book The Foundations of Behavioral Economic Analysis written by Sanjit Dhami and published by Oxford University Press. This book was released on 2019-02-14 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: Taken from the first definitive introduction to behavioral economics, The Foundations of Behavioral Economic Analysis: Behavioral Time Discounting is an authoritative and cutting edge guide to this essential topic for advanced undergraduate and postgraduate students. It considers the evidence against the exponential discounted utility model and describes several behavioral models such as hyperbolic discounting, attribute based models, and the reference time theory. This updated extract from Dhami's leading textbook allows the reader to pursue subsections of this vast and rapidly growing field and to tailor their reading to their specific interests in behavioural economics.
Book Synopsis Routledge Handbook of Behavioral Economics by : Roger Frantz
Download or read book Routledge Handbook of Behavioral Economics written by Roger Frantz and published by Routledge. This book was released on 2016-08-05 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is no doubt that behavioral economics is becoming a dominant lens through which we think about economics. Behavioral economics is not a single school of thought but representative of a range of approaches, and uniquely, this volume presents an overview of them. The wide spectrum of international contributors each provides an exploration of a central approach, aspect or topic in behavorial economics. Taken together, the whole volume provides a comprehensive overview of the subject which considers both key developments and future possibilities. Part One presents several different approaches to behavioural economics, including George Katona, Ken Boulding, Harvey Leibenstein, Vernon Smith, Herbert Simon, Gerd Gigerenzer, Daniel Kahneman, and Richard Thaler. This section looks at the origins and development of behavioral economics and compares and contrasts the work of these scholars who have been so influential in making this area so prominent. Part Two presents applications of behavioural economics including nudging; heuristics; emotions and morality; behavioural political economy, education, and economic innovation. The Routledge Handbook of Behavioral Economics is ideal for advanced economics students and faculty who are looking for a complete state-of-the-art overview of this dynamic field.
Book Synopsis Essays on Multiple Selves and Temporal Framing by : Rudy Henkel
Download or read book Essays on Multiple Selves and Temporal Framing written by Rudy Henkel and published by . This book was released on 2015 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: There exist numerous documented behavioral deviations from standard discounted utility maximizing behavior. These include time inconsistency, violations of the axiom of independence of irrelevant alternatives, preferences for commitment, and preferences over the timing of information. I develop two novel models which provide new insights into, and plausible explanations for, several of these deviations. In the first model, Multiself Bargaining, I propose a dual-self model in which two selves have conflicting preferences over the action to be taken by an agent. The selves have identical payoff utility, and only differ in their time preference factor. The default action of the agent is modeled as the outcome of a Tullock contest among the selves, where the self who wins chooses their preferred action. Viewing the outcome of this contest as the point of disagreement, the selves are allowed to negotiate to a mutually preferred outcome, and this negotiation is modeled as a Nash bargaining problem. I show that many of the deviations of interest are generated by this model, including time inconsistent behavior, such as diminishing impatience, as well as violations of independence of irrelevant alternatives in choice problems. Notably the preference reversals from time inconsistency are "smooth", as opposed to the singular reversal in quasi-hyperbolic discounting, the standard model used in the literature. In the second model, Temporal Reference Points, I develop an alternate form of prospect evaluation in which agents form a set of subjectively important points in time in the life of a prospect, termed "temporal reference points." When determining the present value of a prospect, agents discount based on the time between each of these temporal reference points, as opposed to based on the entire time between the present and the payout of the prospect. Under restrictions on the formation of temporal reference points, diminishing impatience in an agent is shown to be equivalent to a preference for informational updates occurring at the same time. Finally, the model is shown to allow the novel resolution of an apparent conflict in the experimental evidence on diminishing impatience.
Book Synopsis The Cognitive Basis of Institutions by : Shinji Teraji
Download or read book The Cognitive Basis of Institutions written by Shinji Teraji and published by Academic Press. This book was released on 2018-02-16 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Cognitive Basis of Institutions: A Synthesis of Behavioral and Institutional Economics synthesizes modern research in behavioral economics with traditional institutional economics. This work emphasizes that institution and agent are inextricably linked, and that both cognitive and institutional processes coalesce to influence human decision-making. It integrates cognition and institution through the behavioral economics theoretical lens of bounded rationality. Methodologically, it develops game-theoretical, complexity and neuroeconomic solutions to unite study of the two areas. The work concludes by proposing general implications for the economic study of decisions using the cognitive-institutional approach, also providing specific recommendations for public policy. Reveals how institutional structures and individual actions interact and coevolve cognitively Connects individual decision-making, decision-making processes and institutional formation Unites our understanding of cooperative ‘prosocial’ behavior with the institutional dynamics that may create it Discusses the implications of the behavioral-institutional paradigm for paternalism and libertarianism in public policy
Book Synopsis The Wiley Blackwell Handbook of Judgment and Decision Making, 2 Volume Set by : Gideon Keren
Download or read book The Wiley Blackwell Handbook of Judgment and Decision Making, 2 Volume Set written by Gideon Keren and published by John Wiley & Sons. This book was released on 2016-02-16 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive, up-to-date examination of the most important theory, concepts, methodological approaches, and applications in the burgeoning field of judgment and decision making (JDM) Emphasizes the growth of JDM applications with chapters devoted to medical decision making, decision making and the law, consumer behavior, and more Addresses controversial topics from multiple perspectives – such as choice from description versus choice from experience – and contrasts between empirical methodologies employed in behavioral economics and psychology Brings together a multi-disciplinary group of contributors from across the social sciences, including psychology, economics, marketing, finance, public policy, sociology, and philosophy 2 Volumes
Book Synopsis Collective Household Consumption Behavior by : Laurens Cherchye
Download or read book Collective Household Consumption Behavior written by Laurens Cherchye and published by Foundations & Trends. This book was released on 2012-03 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Collective Household Consumption Behavior: Revealed Preference Analysis presents a nonparametric `revealed preference' methodology for analyzing collective consumption behavior in practical applications, while possibly accounting for externalities, public consumption and the use of assignable quantity information. Collective Household Consumption Behavior: Revealed Preference Analysis considers two types of collective models: The general collective model considers general preferences of the individual household members, which allow for externalities and public consumption within the household. The special collective models that do not allow for consumption externalities. After the introduction, section 2 sets the stage by introducing the revealed preference characterizations of the unitary model. Section 3 presents a collective model that allows for general individual preferences and discusses its revealed preference characterization. Sections 4 and 5 show how to bring this theoretical characterization to observational data. More specifically, Section 4 introduces the mixed integer programming characterizations for special collective models that impose restrictions on the household members' preferences. Section 5 does the same for the general collective model. Throughout Section 2 to Section 5, the authors illustrate the most relevant concepts by means of numerical examples. In Section 6 we subsequently illustrate our main results for data drawn from the Russian Longitudinal Monitoring Survey.
Book Synopsis Time and Decision by : George Loewenstein
Download or read book Time and Decision written by George Loewenstein and published by Russell Sage Foundation. This book was released on 2003-02-27 with total page 584 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do people decide whether to sacrifice now for a future reward or to enjoy themselves in the present? Do the future gains of putting money in a pension fund outweigh going to Hawaii for New Year's Eve? Why does a person's self-discipline one day often give way to impulsive behavior the next? Time and Decision takes up these questions with a comprehensive collection of new research on intertemporal choice, examining how people face the problem of deciding over time. Economists approach intertemporal choice by means of a model in which people discount the value of future events at a constant rate. A vacation two years from now is worth less to most people than a vacation next week. Psychologists, on the other hand, have focused on the cognitive and emotional underpinnings of intertemporal choice. Time and Decision draws from both disciplinary approaches to provide a comprehensive picture of the various layers of choice involved. Shane Frederick, George Loewenstein, and Ted O'Donoghue introduce the volume with an overview of the research on time discounting and focus on how people actually discount the future compared to the standard economic model. Alex Kacelnik discusses the crucial role that the ability to delay gratification must have played in evolution. Walter Mischel and colleagues review classic research showing that four year olds who are able to delay gratification subsequently grow up to perform better in college than their counterparts who chose instant gratification. The book also delves into the neurobiology of patience, examining the brain structures involved in the ability to withstand an impulse. Turning to the issue of self-control, Klaus Wertenbroch examines the relationship between consumption and available resources, showing, for example, how a high credit limit can lead people to overspend. Ted O'Donoghue and Matthew Rabin show how people's awareness of their self-control problems affects their decision-making. The final section of the book examines intertemporal choice with regard to health, drug addiction, dieting, marketing, savings, and public policy. All of us make important decisions every day-many of which profoundly affect the quality of our lives. Time and Decision provides a fascinating look at the complex factors involved in how and why we make our choices, so many of them short-sighted, and helps us understand more precisely this crucial human frailty.
Book Synopsis Temporal Asymmetries in Philosophy and Psychology by : Christoph Hoerl
Download or read book Temporal Asymmetries in Philosophy and Psychology written by Christoph Hoerl and published by Oxford University Press. This book was released on 2022-02-24 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: Humans' attitudes towards an event often vary depending on whether the event has already happened or has yet to take place. The dread felt at the thought of a forthcoming exam turns into relief once it is over. Recent research in psychology also shows that people value past events less than future ones, such as offering less pay for work already carried out than for the same work to be carried out in the future. This volume brings together philosophers and psychologists with a shared interest in such psychological past/future asymmetries. It asks questions such as: What different kinds of psychological past/future asymmetries are there, and how are they related? Under what conditions do humans exhibit them? To what extent do they reflect features of time itself, or particular beliefs people have about time? Are they rational, or at least rationally permissible, or should we aspire to being temporally neutral? What exactly does temporal neutrality consist of?
Book Synopsis Behavioral Economics and Public Health by : Christina A. Roberto
Download or read book Behavioral Economics and Public Health written by Christina A. Roberto and published by Oxford University Press, USA. This book was released on 2016 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral economics has potential to offer novel solutions to some of today's most pressing public health problems: How do we persuade people to eat healthy and lose weight? How can health professionals communicate health risks in a way that is heeded? How can food labeling be modified to inform healthy food choices? Behavioral Economics and Public Health is the first book to apply the groundbreaking insights of behavioral economics to the persisting problems of health behaviors and behavior change. In addition to providing a primer on the behavioral economics principles that are most relevant to public health, this book offers details on how these principles can be employed to mitigating the world's greatest health threats, including obesity, smoking, risky sexual behavior, and excessive drinking. With contributions from an international team of scholars from psychology, economics, marketing, public health, and medicine, this book is a trailblazing new approach to the most difficult and important problems of our time.
Book Synopsis Handbook of Behavioral Economics - Foundations and Applications 1 by :
Download or read book Handbook of Behavioral Economics - Foundations and Applications 1 written by and published by Elsevier. This book was released on 2018-09-27 with total page 749 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics Written for those who wish to become quickly acquainted with behavioral economics
Book Synopsis Breakdown of Will by : George Ainslie
Download or read book Breakdown of Will written by George Ainslie and published by Cambridge University Press. This book was released on 2001-03-19 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ainslie argues that our responses to the threat of our own inconsistency determine the basic fabric of human culture. He suggests that individuals are more like populations of bargaining agents than like the hierarchical command structures envisaged by cognitive psychologists. The forces that create and constrain these populations help us understand so much that is puzzling in human action and interaction: from addictions and other self-defeating behaviors to the experience of willfulness, from pathological over-control and self-deception to subtler forms of behavior such as altruism, sadism, gambling, and the 'social construction' of belief. This book integrates approaches from experimental psychology, philosophy of mind, microeconomics, and decision science to present one of the most profound and expert accounts of human irrationality available. It will be of great interest to philosophers and an important resource for professionals and students in psychology, economics and political science.
