Abstract

Ainslie’s Picoeconomics presents an ingenious theory, based on a remarkably simple basic law about the rate of discounting the value of future prospects, which explains a vast number of psychological phenomena. Hyperbolic discount rates result in changes in the ranking of interests as they get closer in time. Thus quasi-homuncular “interests” situated at different times compete within the person. In this paper I first defend the generality of scope of Ainslie’s model, which ranges over several personal and subpersonal levels of psychological analysis. I raise a problem which results from the temporal relativity of assessments of value, and affects the possibility of objective values. Finally, I offer one example of a form of time-related irrationality on which Ainslie’s scheme does not seem to have a grip, namely one which relates not to a situation’s relative position in time, but to its temporal (‘progressive’ or ‘perfect’) temporal aspect.