<<
Behavioural Economics University of Oxford Vincent P. Crawford Michaelmas Term 2012
Behavioural Decision Theory: Present-Bias and Time-Inconsistency in Intertemporal Choice (with very large debts to David Laibson and Ted O’Donoghue; material from their slides is used with permission)
Revised 18 October 2013
1
The standard model of intertemporal choice in economics is time-separable utility with exponential discounting (Ramsey 1928 EJ, Samuelson, 1937 REStud):