TIME CONSISTENCY: STATIONARITY AND TIME INVARIANCE

• 成果类型: Article
• 署名作者: Halevy, Yoram
• 署名单位: University of British Columbia
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA10872
• 发表日期: 2015
• 页码: 335-352
• 关键词: preferences; uncertainty; RISK

摘要

A sequence of experiments documents static and dynamic preference reversals between sooner-smaller and later-larger rewards, when the sooner reward could be immediate. The theoretically motivated design permits separate identification of time consistent, stationary, and time invariant choices. At least half of the subjects are time consistent, but only three-quarters of them exhibit stationary choices. About half of subjects with time inconsistent choices have stationary preferences. These results challenge the view that present-bias preferences are the main source of time inconsistent choices.