Theory and Decision 43 (1):45-69 (1997)

Abstract
We report results of an experiment testing for present-value maximization in intertemporal income choice. Two-thirds of subjects did not maximize present value. Through a series of experimental manipulations that impose costs on non-present value maximizers, we are able to reduce the level of violations substantially. We find, however, that a sizeable proportion of subjects continue to systematically violate present-value principles. Our interpretation is that these subjects either cannot or choose not to distinguish between t income and t expenditure in making their choices. Self-management, bounded rationality, and sequence preference are suggested as possible explanations for such behavior
Keywords Intertemporal choice  present value  self management  bounded rationality  sequence preference
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DOI 10.1023/A:1004950613488
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Cumulative Weighing of Time in Intertemporal Tradeoffs.Marc Scholten, Daniel Read & Adam Sanborn - 2016 - Journal of Experimental Psychology: General 145 (9):1177-1205.

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