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Relevant bibliographies by topics / Time-inconsistent preferences

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Academic literature on the topic 'Time-inconsistent preferences'

Author: Grafiati

Published: 4 June 2021

Last updated: 9 February 2022

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Journal articles on the topic "Time-inconsistent preferences"

1

Guo, Nick L., and Frank N. Caliendo. "Time-inconsistent preferences and time-inconsistent policies." Journal of Mathematical Economics 51 (March 2014): 102–8. http://dx.doi.org/10.1016/j.jmateco.2014.01.007.

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Caillaud, Bernard, and Bruno Jullien. "Modelling time-inconsistent preferences." European Economic Review 44, no. 4-6 (May 2000): 1116–24. http://dx.doi.org/10.1016/s0014-2921(99)00061-6.

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Dodd, Mark. "Obesity and time-inconsistent preferences." Obesity Research & Clinical Practice 2, no. 2 (July 2008): 83–89. http://dx.doi.org/10.1016/j.orcp.2008.04.006.

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Chen, Shou, and Guangbing Li. "Time-Inconsistent Preferences, Retirement, and Increasing Life Expectancy." Mathematical Problems in Engineering 2019 (January 10, 2019): 1–9. http://dx.doi.org/10.1155/2019/8681471.

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We study consumption behavior, retirement decisions, and endogenous growth within a dynamic equilibrium when individuals have present-biased preferences. Compared to individual with exponential preferences, individual with hyperbolic preferences will choose to retire early for present-biased preferences but to delay retirement for the initial time preference rate. We extend the benchmark equilibrium model to age-dependent survival law and solve numerically the equilibrium effects. It shows that, at the same age, the consumption-capital ratio may have slightly positive effect on increasing life expectancy before retirement but has a significantly positive effect on it after retirement.

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Liu, Yang, and Jinqiang Yang. "Entrepreneurship Dynamics under Time Inconsistent Preferences." Journal of Mathematical Finance 05, no. 01 (2015): 40–48. http://dx.doi.org/10.4236/jmf.2015.51004.

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Imrohoroglu, A., S. Imrohoroglu, and D. H. Joines. "Time-Inconsistent Preferences and Social Security." Quarterly Journal of Economics 118, no. 2 (May 1, 2003): 745–84. http://dx.doi.org/10.1162/003355303321675509.

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Liu, Liya, Yingjie Niu, Yuanping Wang, and Jinqiang Yang. "Optimal consumption with time-inconsistent preferences." Economic Theory 70, no. 3 (September 30, 2019): 785–815. http://dx.doi.org/10.1007/s00199-019-01228-1.

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Wärneryd, Karl. "Sexual reproduction and time-inconsistent preferences." Economics Letters 95, no. 1 (April 2007): 14–16. http://dx.doi.org/10.1016/j.econlet.2006.08.034.

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Chen, Shumin, Zhongfei Li, and Yan Zeng. "Optimal dividend strategies with time-inconsistent preferences." Journal of Economic Dynamics and Control 46 (September 2014): 150–72. http://dx.doi.org/10.1016/j.jedc.2014.06.018.

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Liu, Wenqiong, Wenli Huang, Bo Liu, and Congming Mu. "Optimal mortgage contracts with time-inconsistent preferences." European Journal of Finance 25, no. 18 (July 31, 2019): 1834–55. http://dx.doi.org/10.1080/1351847x.2019.1649290.

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Dissertations / Theses on the topic "Time-inconsistent preferences"

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Kodritsch, Sebastian. "Essays on bargaining theory and welfare when preferences are time inconsistent." Thesis, London School of Economics and Political Science (University of London), 2013. http://etheses.lse.ac.uk/757/.

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Kokonas, Nikolaos. "One essay on time-inconsistent preferences and competitive equilibrium and two essays on optimal monetary policy." Thesis, University of Warwick, 2013. http://wrap.warwick.ac.uk/57643/.

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The first part of the thesis investigates the characterization of asset prices and investor's behavior under time-inconsistent preferences. For the latter type of preferences, we assume myopia or hyperbolic-discounting (HD). We consider an infinite horizon economy under certainty with two heterogeneous CRRA individuals, one good and one long-lived asset. The question of survival in the market arises when individuals are HD maximizers or myopic with wrong expectations about equilibrium asset prices. We provide sufficient conditions such that more myopic individuals dominate over less myopic ones and also sophisticated HD maximizers with intertemporal elasticity of substitution (IES) equal to one, log-utilities, dominate over HD maximizers with IES higher than one. Thus, individuals that vanish in the long-run will not have an impact on asset prices. On the other hand, asset prices are characterized by extreme dynamics if the economy is populated by myopic individuals only, who have perfect foresight about equilibrium asset prices. We show that even though the dividends of the long-lived asset are constant over time, there exist asset price dynamics that resemble an ever-expanding asset price bubble. The second part of the thesis investigates the characterization of optimal monetary policy under two different scenaria. In the first scenario we consider a two-period monetary economy with inside and outside money and an environment with fix prices and excess capacities in equilibrium. If unemployment is of a keynesian nature, a Friedman rule argument characterizes optimal monetary policy whereas if unemployment is of a more classical nature, high real wages, optimal policy requires positive nominal rates. In the second scenario we consider an economy with idiosyncratic risk and credit frictions. Monetary policy provides missing insurance due to credit frictions through the distribution of non-contingent seignorage transfer across states.

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Woo, Yuri. "Two Essays Analyzing the Behavioral Economics Underlying Health Decisions: Delay Discounting and Crowding Out Effect." Thesis, Virginia Tech, 2018. http://hdl.handle.net/10919/83504.

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This thesis is composed of two essays that study behavioral economics to motivate health-promoting behaviors. The first paper, "Does Nutrition Education Reduce Delay Discounting?," studies delay discounting, or delayed gratification, which is an important research topic because it plays a role in producing numerous health outcomes, such as obesity. It is important to understand how the delay discounting process relates to unhealthy diets. People who discount the value of future outcomes prefer immediate rewards (e.g., enjoyment/taste) even though a larger reward from delaying exists (e.g., good health status). In this paper, we aim to provide evidence over whether nutrition education reduces delay discounting. Our analysis, therefore, provides guidance for designing more effective interventions to help increase overall health. The second paper, "Are We Reaching Those Most In Need?: Motivation Profiles and Willingness-to-Participate," explores the potentially negative psychological spillover effects (i.e., "crowding out" effects), which can complicate incentives' effectiveness because it can make targeted behavior (i.e., the aim to improve one's health) less desirable. To understand this "crowding out" effect, our paper examines how different types of motivations (i.e., intrinsic and extrinsic motivations) influence people's willingness-to-participate in a weight control program with and without incentives. This analysis provides further guidance for designing more effective interventions by considering different recruitment strategies to target different individuals, which can minimize the negative spillover of incentives.
Master of Science

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Yang-Ya-Ting and 楊雅婷. "Temporal Distance induces Inconsistent Preferences over time - The Moderating Effect of Price." Thesis, 2016. http://ndltd.ncl.edu.tw/handle/gpzzu6.

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碩士
中原大學
企業管理研究所
104
Consumers are usually influenced by temporal distance when shopping. They have a preference for highly desirability (functional) products for distant-future, while they show a preference for highly feasibility (convenient) products for near-future. So, with time going by, as people have their buying behavior changed, they may change their preference as well to choose different product features. But the inconsistent preferences will cause lots of negative problems, such as regret, low satisfaction, and failure to fulfill the previous promise. In order to eliminate preference inconsistency, Lee and Zhao (2014) held that price played an important role, for the reason that price could promote consumers to seek for highly valuable products, so that they would still look for highly valuable products, namely highly functional products for near-future. Therefore, this paper tried to extend the research done by Lee and Zhao (2014), to explore the role played by price in temporal distance, to study and discuss whether there was preference inconsistency in temporal distance among different regulatory focuses. Four experiments were conducted in this paper, with questionnaires distributed to the students of Business School, Chung Yuan Christian University, the major objects of study in this paper. Experiment 1 involved whether preference inconsistency might affect consumers’ regret; Experiment 2 and 3 involved whether price information would make consumer preference consistency over time; Experiment 4 involved the correlation between regulatory focus, as well as price, and temporal distance, as well as preference. The result of this research shows that the preference inconsistency caused by temporal distance indeed contributes to consumers’ regret; but price information can effectively reduce the inconsistency of consumer preferences regardless of low price or high price. The research also indicates that compared with promotion focus-oriented consumers, prevention focus-oriented consumers will never show inconsistent preference.

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Yi-HongSu and 蘇益弘. "Optimal Decision for Merger and Acquisition under Time-Inconsistent Preferences-Case on Merger and Acquisition of EPISTAR Corporation and Huga Optotech Inc." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/hm37pu.

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碩士
國立成功大學
財務金融研究所碩士在職專班
105
In the literatures which discussed merger and acquisition, the future payoffs are all discounted by exponential function, this assumption implies that participants in the market are time-consistent preferences, and their preferences can’t change as time goes by, but in the actual market, this assumption is impractical, participants’ preferences for future payoff do change with time. This article explores the optimal decision for M＆A (Merger and Acquisition) when manager of an enterprise is time-inconsistent preference, the proposed models in this article are based on the framework of Lambrecht(2004), and the manager’s preference is described with quasi hyperbolic function. We discuss the optimal decision for merger and acquisition as sophisticated manager and naïve manager respectively. First, we use the model of Lambrecht(2004) to get the general expression of optimal threshold and option value for M＆A when manager of an enterprise is time-consistent preferences, then we introduce quasi hyperbolic discounting function into the model of Lambrecht(2004) to get the general expression of optimal threshold and option value for M＆A when manager of an enterprise is sophisticated and naïve respectively, finally, we substitute the actual parameter settings into the proposed model, the results shows that the manager with time-inconsistent preferences tends to execute M＆A activity earlier than manager with time-consistent preferences, and sophisticated manager tends to execute M＆A activity earlier than naïve manager.

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Danilowicz-Gösele, Kamila. "Everyday Decision Making: A Theoretical and Empirical Study." Doctoral thesis, 2016. http://hdl.handle.net/11858/00-1735-0000-0023-3E21-5.

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Books on the topic "Time-inconsistent preferences"

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Utset, Manuel A. Time-Inconsistent Preferences and Venture Capital Contracting. Oxford University Press, 2012. http://dx.doi.org/10.1093/oxfordhb/9780195391596.013.0018.

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Jappelli, Tullio, and Luigi Pistaferri. Non-Standard Preferences. Oxford University Press, 2017. http://dx.doi.org/10.1093/acprof:oso/9780199383146.003.0014.

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In the real world many facts appear to conflict with the assum ptions of the standard life-cycle model and its main hypotheses. The mental accounting model challenges the assumption that resources are fungible. Substantial evidence produced by psychology, laboratory experiments, and empirical studies points out that people do not make time-consistent decisions, leading to the analysis of time-inconsistent preferences and hyperbolic discounting, a model in which rational agents make time-inconsistent decisions. A third critique is that people are in fact not fully informed about financial opportunities (the equity premium, say, or the virtue of diversification). In this chapter we review the literature on financial sophistication. A final departure from the standard approach explicitly models another important fact of life, namely, that our own choices are affected by the choices of other consumers, owing to social preferences.

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Sullivan, Meghan. Introduction. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198812845.003.0012.

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This introduction states key concepts used in the book. First, it defines time biases as systematic preferences about when events happen. Next, it describes the kind of rationality at issue in the book: prudential approbative rationality. This kind of rationality governs what we should approve of or prefer given our self‐interest. On this approach to rationality, preferences are the sorts of attitudes that we can and should support with reasons. Finally, the introduction discusses three principles for rational planning needed for the book’s arguments: (1) Consistency: a prudentially rational agent doesn’t prefer logically inconsistent states of affairs; (2) Success: at any given time, a prudentially rational agent prefers her life going forward to go as well as possible; and (3) Non‐Arbitrariness: at any given time, a prudentially rational agent’s preferences are insensitive to arbitrary differences.

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Sugden, Robert. The Invisible Hand. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198825142.003.0006.

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Chapter 6 presents a new formulation of Adam Smith’s ‘invisible hand’ argument. The underlying idea is that markets are valuable because they provide opportunities for voluntary transactions (rather than because they satisfy preferences). I propose a ‘Strong Interactive Opportunity Criterion’ which requires that all opportunities for feasible and non-dominated transactions within groups of individuals are made available to those individuals. I define competitive equilibrium without making assumptions about the rationality of individuals’ choices and show that the Strong Interactive Opportunity Criterion is satisfied in every competitive equilibrium of an exchange economy. This result is analogous with the classic theorems that every competitive equilibrium is Pareto-efficient and is in the ‘core’ of the economy. I extend these results to ‘storage economies’ in which trade and consumption take place over time and in which individuals’ choices may be dynamically inconsistent.

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Book chapters on the topic "Time-inconsistent preferences"

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Marín-Solano, Jesús. "On Time-Consistent Portfolios with Time-Inconsistent Preferences." In Trends in Mathematics, 115–20. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-51753-7_19.

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Marín-Solano, Jesús. "Time-Consistent Equilibria in a Differential Game Model with Time Inconsistent Preferences and Partial Cooperation." In Dynamic Games in Economics, 219–38. Berlin, Heidelberg: Springer Berlin Heidelberg, 2014. http://dx.doi.org/10.1007/978-3-642-54248-0_11.

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"Models of Optimal Lifetime Income Taxation with Time-Inconsistent Preferences." In Taxation, Incomplete Markets, and Social Security. The MIT Press, 2002. http://dx.doi.org/10.7551/mitpress/6659.003.0007.

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Surachita, Shruti. "Inter-Temporal Choice and Its Relevance in Consumer's Credit Behavior." In Applied Behavioral Economics Research and Trends, 17–38. IGI Global, 2017. http://dx.doi.org/10.4018/978-1-5225-1826-6.ch002.

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Inter-temporal choices have been an important aspect of Behavioral Economics, as they deal with time-dependent decision-making of people in various situations. This chapter discusses hyperbolic time-discounting, which has gained significant recognition and has become an important part of public-policy and economic studies in last few years. It also highlights the importance of this concept from a real-life perspective, by showing its relevance in credit-behavior of individuals. This is shown by highlighting the unstable preferences of individuals using credit-cards, which exploit time-inconsistent behavior. Despite the paucity of current research, understanding impulsive-behavior has gained popularity recently because of the relevance of wellbeing and happiness in the global scenario. As is evident, credit debt does hamper people's quality of life, and so it becomes important for researchers and policymakers to reduce impulsivity and self-control issues, by making consumers use costly commitment-devices and other behavioral options to help them make rational and justified choices.

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Conference papers on the topic "Time-inconsistent preferences"

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Tucker, Conrad S., and Harrison M. Kim. "Trending Mining for Predictive Product Design." In ASME 2010 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2010. http://dx.doi.org/10.1115/detc2010-28364.

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The Preference Trend Mining (PTM) algorithm that we propose in this work aims to address some fundamental challenges of current demand modeling techniques being employed in the product design community. The first contribution is a multistage predictive modeling approach that captures changes in consumer preferences (as they relate to product design) over time, hereby enabling design engineers to anticipate next generation product features before they become mainstream/unimportant. Because consumer preferences may exhibit monotonically increasing or decreasing, seasonal or unobservable trends, we proposed employing a statistical trend detection technique to help detect time series attribute patterns. A time series exponential smoothing technique is then used to forecast future attribute trend patterns and generate a demand model that reflects emerging product preferences over time. The second contribution of this work is a novel classification scheme for attributes that have low predictive power and hence may be omitted from a predictive model. We propose classifying such attributes as either obsolete, nonstandard or standard, with the appropriate classification given based on the time series entropy values that an attribute exhibits. By modeling attribute irrelevance, design engineers can determine when to retire certain product features (deemed obsolete) or incorporate others into the actual product architecture (standard) while developing modules for those attributes exhibiting inconsistent patterns throughout time (nonstandard). A cell phone example containing 12 time stamped data sets (January 2009-December 2009) is used to validate the proposed Preference Trend Mining model and compare it to traditional demand modeling techniques for predictive accuracy and ease of model generation.

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Liu, Yong, Lifan Zhao, Guimei Liu, Xinyan Lu, Peng Gao, Xiao-Li Li, and Zhihui Jin. "Dynamic Bayesian Logistic Matrix Factorization for Recommendation with Implicit Feedback." In Twenty-Seventh International Joint Conference on Artificial Intelligence {IJCAI-18}. California: International Joint Conferences on Artificial Intelligence Organization, 2018. http://dx.doi.org/10.24963/ijcai.2018/481.

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Matrix factorization has been widely adopted for recommendation by learning latent embeddings of users and items from observed user-item interaction data. However, previous methods usually assume the learned embeddings are static or homogeneously evolving with the same diffusion rate. This is not valid in most scenarios, where users’ preferences and item attributes heterogeneously drift over time. To remedy this issue, we have proposed a novel dynamic matrix factorization model, named Dynamic Bayesian Logistic Matrix Factorization (DBLMF), which aims to learn heterogeneous user and item embeddings that are drifting with inconsistent diffusion rates. More specifically, DBLMF extends logistic matrix factorization to model the probability a user would like to interact with an item at a given timestamp, and a diffusion process to connect latent embeddings over time. In addition, an efficient Bayesian inference algorithm has also been proposed to make DBLMF scalable on large datasets. The effectiveness of the proposed method has been demonstrated by extensive experiments on real datasets, compared with the state-of-the-art methods.

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Sylcott, Brian, Seth Orsborn, and Jonathan Cagan. "The Effect of Product Representation in Visual Conjoint Analysis." In ASME 2014 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/detc2014-34443.

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When most designers set out to develop a new product they solicit feedback from potential consumers. These data are incorporated into the design process in an effort to more effectively meet customer requirements. Often these data are used to construct a model of consumer preference capable of evaluating candidate designs. Although the mechanics of these models have been extensively studied there are still some open questions, particularly with respect to models of aesthetic preference. When constructing preference models, simplistic product representations are often favored over high fidelity product models in order to save time and expense. This work investigates how choice of product representation can affect model performance in visual conjoint analysis. Preference models for a single product, a table knife, are derived using three different representation schemes; simple sketches, solid models, and 3D printed models. Each of these representations is used in a separate conjoint analysis survey. The results from this study showed that consumer responses were inconsistent and potentially contradictory between different representations. Consequently, when using conjoint analysis for product innovation, obtaining a true understanding of consumer preference requires selecting representations based on how accurately they convey the product details in question.

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Reports on the topic "Time-inconsistent preferences"

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Grenadier, Steven, and Neng Wang. Investment Under Uncertainty and Time-Inconsistent Preferences. Cambridge, MA: National Bureau of Economic Research, February 2006. http://dx.doi.org/10.3386/w12042.

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Blow, Laura, Ian Crawford, and Martin Browning. Never mind the hyperbolics: nonparametric analysis of time-inconsistent preferences. Institute for Fiscal Studies, July 2014. http://dx.doi.org/10.1920/wp.ifs.2014.1417.

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