Revealed preferences for dynamically inconsistent models Article Swipe

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Federico Echenique , Gerelt Tserenjigmid ·

YOU? · · 2023 · Open Access · · DOI: https://doi.org/10.48550/arxiv.2305.14125

We study the testable implications of models of dynamically inconsistent choices when planned choices are unobservable, and thus only "on path" data is available. First, we discuss the approach in Blow, Browning and Crawford (2021), who characterize first-order rationalizability of the model of quasi-hyperbolic discounting. We show that the first-order approach does not guarantee rationalizability by means of the quasi-hyperbolic model. This motivates consideration of an abstract model of intertemporal choice, under which we provide a characterization of different behavioral models -- including the naive and sophisticated paradigms of dynamically inconsistent choice.

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Unobservable Rationalizability Hyperbolic discounting Order (exchange) Discounting Mathematical economics Computer science Econometrics Path (computing) Dynamic inconsistency Economics Microeconomics Programming language Finance Nash equilibrium

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Type: preprint
Language: en
Landing Page: http://arxiv.org/abs/2305.14125
PDF: https://arxiv.org/pdf/2305.14125
OA Status: green
Related Works: 10
OpenAlex ID: https://openalex.org/W4378508691

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DOI: https://doi.org/10.48550/arxiv.2305.14125

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Title: Revealed preferences for dynamically inconsistent models

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Language: en

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Publication year: 2023

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Publication date: 2023-05-23

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Authors: Federico Echenique, Gerelt Tserenjigmid

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Landing page: https://arxiv.org/abs/2305.14125

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Concepts: Unobservable, Rationalizability, Hyperbolic discounting, Order (exchange), Discounting, Mathematical economics, Computer science, Econometrics, Path (computing), Dynamic inconsistency, Economics, Microeconomics, Programming language, Finance, Nash equilibrium

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