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Journal of Mathematical Economics xxx (2006) xxx–xxx Inter-temporal preference for flexibility and risky choice (2006)
| Content Provider | CiteSeerX |
|---|---|
| Author | Jacob S. Sagi, B. Alan Kraus, A. |
| Abstract | We derive an inter-temporal theory of choice, in the spirit of Kreps and Porteus [Kreps, D.M., Porteus, E.L., 1978. Temporal resolution of uncertainty and dynamic choice theory. Econometrica 46, 185–200], where decision makers have incomplete preferences. This can be used to model indecisiveness as well as unforeseen contingencies. The key to our approach is a time consistency condition and therefore thenormative connection between ex-ante and ex-post choice. The time consistency condition enables a representation that is a straight forward extension of recursive utility with the exception that it features an inter-temporal ‘utility for flexibility’. |
| File Format | |
| Publisher Date | 2006-01-01 |
| Access Restriction | Open |
| Subject Keyword | Incomplete Preference Recursive Utility Inter-temporal Utility Straight Forward Extension Xxx Inter-temporal Preference Ex-post Choice Time Consistency Condition Inter-temporal Theory Dynamic Choice Theory Unforeseen Contingency Mathematical Economics Xxx Risky Choice Porteus Kreps Thenormative Connection |
| Content Type | Text |
