David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Theory and Decision 55 (3):209-233 (2003)
This paper reports the results of a series of experiments examining intertemporal choice. The paper makes three contributions: First, it presents a new analytic device, the intertemporal choice triangle, which is analogous to the Marschak--Machina choice triangle used in the analysis of choice under risk. Second, we have developed a new experimental design based on the intertemporal choice triangle which allows subjects greater flexibility in making choices, and which allows the researcher to make more subtle inferences, than are possible with designs previously employed. Subjects are able to create their most-preferred outcome in each choice situation by choosing a constrained linear combination of two extreme options. Third, our results show that while subjects do not typically maximize present value, they are significantly influenced break by present value considerations. We refer to this finding as it present value-seeking behavior. We find only weak evidence of several previously documented intertemporal choice anomalies in our framework
|Keywords||Economics / Management Science Economics/Management Science, general Operation Research/Decision Theory Methodology of the Social Sciences|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Gary Gigliotti & Barry Sopher (1997). Violations of Present-Value Maximization in Income Choice. Theory and Decision 43 (1):45-69.
Barry Sopher & J. Mattison Narramore (2000). Stochastic Choice and Consistency in Decision Making Under Risk: An Experimental Study. Theory and Decision 48 (4):323-349.
Marcel Weber (2011). Experimentation Versus Theory Choice: A Social-Epistemological Approach. In Hans Bernhard Schmid, Daniel Sirtes & Marcel Weber (eds.), Collective Epistemology. Ontos. 20--203.
Jeffrey Helzner (2013). Rationalizing Two-Tiered Choice Functions Through Conditional Choice. Synthese 190 (6):929-951.
Richard Holton (2006). The Act of Choice. Philosophers' Imprint 6 (3):1-15.
J. S. Biehl (2008). The Insignificance of Choice. In David Chan (ed.), Moral Psychology Today: Essays on Value, Rational Choice, and the Will. Springer. 110--75.
X. T. Wang & Jeffrey S. Simons (2005). Reference Point-Dependent Tradeoffs in Intertemporal Decision Making. Behavioral and Brain Sciences 28 (5):663-664.
Matthias Egg (2013). Delayed-Choice Experiments and the Metaphysics of Entanglement. Foundations of Physics 43 (9):1124-1135.
Ludwig von Auer (1999). Dynamic Choice Mechanisms. Theory and Decision 46 (3):295-312.
Doron Sonsino & Marvin Mandelbaum (2001). On Preference for Flexibility and Complexity Aversion: Experimental Evidence. Theory and Decision 51 (2/4):197-216.
Edward F. McClennen (1990). Rationality and Dynamic Choice: Foundational Explorations. Cambridge University Press.
Andreas Blass & Yuri Gurevich (2000). The Logic of Choice. Journal of Symbolic Logic 65 (3):1264-1310.
Arthur B. Markman (2001). Choice Output and Choice Processing: An Analogy to Similarity. Behavioral and Brain Sciences 24 (3):423-424.
Added to index2010-09-02
Total downloads6 ( #230,343 of 1,410,159 )
Recent downloads (6 months)1 ( #177,870 of 1,410,159 )
How can I increase my downloads?