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DOI:10.1037/0033-295X.100.1.91 - Corpus ID: 40339912
@article{Loewenstein1993PreferencesFS, title={Preferences for sequences of outcomes.}, author={George Loewenstein and Drazen Prelec}, journal={Psychological Review}, year={1993}, volume={100}, pages={91-108}, url={https://api.semanticscholar.org/CorpusID:40339912}}- G. Loewenstein, D. Prelec
- Published 1993
- Economics, Psychology
- Psychological Review
Existing models of intertemporal choice normally assume that people are impatient, preferring valuable outcomes sooner rather than later, and that preferences satisfy the formal condition of independence, or separability, which states that the value of a sequence of outcomes equals the sum of the values of its component parts. The authors present empirical results that show both of these assumptions to be false when choices are framed as being between explicitly denned sequences of outcomes…
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Generally, immediate outcomes are preferred to delayed outcomes, and in economics, this phenomenon is referred to as positive time preference. If positive time preference is normative, when asked to…
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This paper considers a number of parallels between risky and intertemporal choice. We begin by demonstrating a one-to-one correspondence between the behavioral violations of the respective normative…
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Multi-period decisions are decisions which determine an individual's payoffs in several periods in the future. This paper examines the theoretical foundations of the prevalent weighted average…
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This paper investigates Bohm-Bawerk's idea of a preference for advancing the timing of future satisfactions from a somewhat different point of view. It is shown that simple postulates about the…
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A renewable resources model that combines elements of decision-making models (prospect theory) with the notion that people possess limited but renewable physiological, cognitive, and social resources for dealing with emotionally impactful events is proposed.
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The expected utility principle was formulated in the 18th century by Daniel Bernoulli (1738), then axiomatized by Von Neumann and Morgenstern (1944), and further developed by Savaga (1954) who…
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