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Dynamically Consistent Preferences with Quadratic Beliefs

✍ Scribed by JÜRGEN EICHBERGER; SIMON GRANT

Book ID
110253768
Publisher
Springer
Year
1997
Tongue
English
Weight
295 KB
Volume
14
Category
Article
ISSN
0895-5646

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📂 Article 📅 1997 🏛 Elsevier Science 🌐 English ⚖ 183 KB

Three reasons for why people may evaluate utility in a rank-dependent fashion have been suggested: (a) rank-dependent weighting is a function of perceptual biases and thus not prescriptively defensible; (b) weights are (re)distributed by motivational processes that reflect stable personality charact