This paper discusses the discounted utility (DU) model: its historical development, underlying assumptions, and “anomalies” – the empirical regularities that are inconsistent with its theoretical predictions. We then summarize the alternate theoretical formulations that have been advanced to address these anomalies. We also review three decades of empirical research on intertemporal choice, and discuss reasons …
태그 글 보관함:choices
Wilson, T. D., &Schooler, J. W. (1991). Thinking too much: introspection can reduce the quality of preferences and decisions.Journal of personality and social psychology, 60(2), 181-192.
In Study 1, 49 college students’ preferences for different brands of strawberry jams were compared with experts’ ratings of the jams. Students who analyzed why they felt the way they did agreed less with the experts than students who did not. In Study 2, 243 college students’ preferences for college courses were compared with expert …
Laibson, D. (1997). Golden eggs and hyperbolic discounting. The Quarterly Journal of Economics, 112(2), 443-478.
Hyperbolic discount functions induce dynamically inconsistent preferences, implying a motive for consumers to constrain their own future choices. This paper analyzes the decisions of a hyperbolic consumer who has access to an imperfect commitment technology: an illiquid asset whose sale must be initiated one period before the sale proceeds are received. The model predicts that …