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A vague theory of choice over time

By Paola Manzini and Marco Mariotti

Abstract

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 reversals and cyclical choice.time preferences, hyperbolic discounting, preference reversal, cycles, intransitive preferences

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