Dynamic inconsistency and choice |
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Authors: | Isabelle Brocas |
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Institution: | (1) Department of Economics, University of Warwick, Coventry, CV4 7AL, UK |
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Abstract: | In this paper, we analyze an intra-personal game where a decision-maker is summarized by a succession of selves. Selves may
(or may not) have conflicting interests, and earlier selves may have imperfect knowledge of the preferences of future selves.
At date 1, self-1 chooses a menu, at date 2, the preferences of self-2 realize and self-2 chooses an item from the menu. We
show that equilibrium choice is consistent with either a preference for flexibility, a preference for betweenness or a preference
for systematic restriction. Overall, the analysis reconciles the decision–theoretic approach of choice over time with the
game–theoretic multiple-selves approach. |
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Keywords: | |
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