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A Vague Theory of Choice over Time

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We propose a novel approach to modelling time preferences, based on a cognitive shortcoming of human decision makers: the perception of future events becomes increasingly ?blurred? as the events are pushed further in time. We axiomatise a class of preference representations which can be specialised to rationalise ?anomalies? such as preference reversals and cyclical preferences. We also present an application to a form of time inconsistency which we dub ?the now or never fallacy?.

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Paola Manzini, Marco Mariotti

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Adapt according to the presented license agreement and reference the original author.