Understanding time-inconsistent heterogeneous preferences in economics and finance: a practice theory approach
Abstract
This paper introduces an innovative framework for decision making by individuals with inconsistent preferences. Practices, associations of individuals with a preference set shared by its members, provide context and unify preferences across an economy so that decision-makers are situated in social and economic structures. Our framework models the time evolution of certain attributes, emerging from the practice framework, that govern individuals’...
Paper Details
Title
Understanding time-inconsistent heterogeneous preferences in economics and finance: a practice theory approach
Published Date
Mar 31, 2018
Volume
282
Issue
1-2
Pages
3 - 26
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