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摘要
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Present bias is the inclination to prefer a smaller present reward to a larger later reward, but reversing this preference when both rewards are equally delayed. Such behavior violates stationarity of temporal choices, and hence exponential discounting. This paper provides a weakening of the stationarity axiom that can accommodate present-biased choice reversals. We call this new behavioral postulate Weak Present Bias and characterize the general class of utility functions that is consistent with it. We show that present-biased preferences can be represented as those of a decision maker who makes her choices according to conservative present-equivalents, in the face of uncertainty about future tastes.
Keyword:
Present bias
discounting
uncertainty
risk and time preferences
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7.1
论文数:
3.0K
被引数:
4.3W
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