Time inconsistency/Definition: Difference between revisions
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imported>Nick Gardner (New page: <noinclude>{{Subpages}}</noinclude> The circumstance under which it is against the interest of a player to carry out a threat or promise that was previously made with the intention of i...) |
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A concept that includes (i) the failure to carry out a previous undertaking (such as an unsuccessful threat or promise that was intended to influence the decisions of others); and, (ii) a change, due solely to the passage of time relative to the time of valuation, to the [[discount rate]] that is used to value a delayed cost or benefit. | |||
Latest revision as of 04:27, 16 June 2010
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Time inconsistency [r]: A concept that includes (i) the failure to carry out a previous undertaking (such as an unsuccessful threat or promise that was intended to influence the decisions of others); and, (ii) a change, due solely to the passage of time relative to the time of valuation, to the discount rate that is used to value a delayed cost or benefit.