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Inter-temporal preference for flexibility and risky choice
| Content Provider | Semantic Scholar |
|---|---|
| Author | Kraus, Alan Sagi, Jacob S. |
| Copyright Year | 2002 |
| Abstract | We derive an inter-temporal theory of choice, in the spirit of Kreps and Porteus (1978), 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 the normative 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 | PDF HTM / HTML |
| Alternate Webpage(s) | http://www2.owen.vanderbilt.edu/jacob.sagi/IAPRs_final.pdf |
| Alternate Webpage(s) | http://pages.stern.nyu.edu/~dbackus/Exotic/1Ambiguity/KrausSagi%20flex%20Nov%2002.pdf |
| Alternate Webpage(s) | http://faculty.haas.berkeley.edu/sagi/iaprsv9.1.pdf |
| Language | English |
| Access Restriction | Open |
| Subject Keyword | Decision theory Partial Recursion Time consistency |
| Content Type | Text |
| Resource Type | Article |
