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The Handbook of Rational and Social Choice$
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Paul Anand, Prasanta Pattanaik, and Clemens Puppe

Print publication date: 2009

Print ISBN-13: 9780199290420

Published to Oxford Scholarship Online: May 2009

DOI: 10.1093/acprof:oso/9780199290420.001.0001

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Choice over Time *

Choice over Time *

The Handbook of Rational and Social Choice

Paola Manzini

Marco Mariotti

Oxford University Press

This chapter reviews both the theoretical modeling and the experimental evidence, relating to choice over time. Most of the space is devoted to choices between outcome‐date pairs, which has been better studied, especially experimentally, but it also discusses choices between time sequences of outcomes. It distinguishes between “soft anomalies”, which can be accommodated by a simple modification of the standard exponential discounting model (e.g. hyperbolic discounting) and “hard anomalies” which pose a more fundamental challenge.

Keywords:   time, discounting models, experimental evidence, hard annomalies, soft anomalies, hyperbolic discounting

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