Time and Decision: Economic and Psychological Perspectives on Intertemporal Choice

Book Description

How do people decide whether to sacrifice now for a future reward or to enjoy themselves in the present? Do the future gains of putting money in a pension fund outweigh going to Hawaii for New Year's Eve? Time and Decision takes up such questions with a comprehensive collection of new research on intertemporal choice, examining how people face the problem of deciding over time.

Economists approach intertemporal choice by means of a model in which people discount the value of future events at a constant rate. A vacation two years from now is worth less to most people than a vacation next week. Psychologists, on the other hand, have focused on the cognitive and emotional underpinnings of intertemporal choice. Time and Decision draws from both disciplinary approaches to provide a comprehensive picture of the various layers of choice involved.

Shane Frederick, George Loewenstein, and Ted O'Donoghue introduce the volume with an overview of the research on time discounting and focus on how people actually discount the future compared to the standard economic model. Walter Mischel and colleagues review classic research showing that four year olds who are able to delay gratification subsequently grow up to perform better in college than their counterparts who chose instant gratification. The book also delves into the neurobiology of patience, examining the brain structures involved in the ability to withstand an impulse.

Turning to the issue of self-control, Klaus Wertenbroch examines the relationship between consumption and available resources, showing, for example, how a high credit limit can lead people to overspend. Ted O'Donoghue and Matthew Rabin show how people's awareness of their self-control problems affects their decision-making. The final section of the book examines intertemporal choice with regard to health, drug addiction, dieting, marketing, savings, and public policy.

Book Description

George Loewenstein has been at the forefront of progress in bringing together the disciplines of economics and psychology. One area in which he has made a major contribution is in the analysis of intertemporal choice: the extent to which and reasons why we are prepared to defer some immediate
benefit for a greater benefit at a later date. This volume includes Loewenstein's most important papers on the topic and an introduction which sets the papers in an overall framework, taking account of current work in this area.

Intertemporal Macroeconomic Models, Money and Rational Choices

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Excellent introduction to monetary growth model

Intertemporal Macroeconomic Models, Money and Rational Choices
Giuseppe Chirichiello
Manufacturer: Palgrave Macmillan
ProductGroup: Book
Binding: Hardcover

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Book Description

Intertemporal macroeconomics relies on microeconomics and general equilibrium analysis to describe choices of agents over a long period of time, perhaps infinitely long. To this, methods of growth theory are linked and the effects of policy interventions are examined as the interaction between decisions of agents and policy interventions. Two basic approaches areexplored: models of infinitely-lived agents (Cass-Ramsey-Koopmans approach) and models of overlapping-generations (Allais-Fisher-Samuelson approach). In addition to fiscal policy, the more controversial questions concerning monetary models and monetary policies are considered. The book offers a framework and a systematic exploration of these and related questions. It also introduces models of endogenous growth, both real and monetary models.

Customer Reviews:

Excellent introduction to monetary growth model.......2001-12-11

The book is marvellous. It cover both continuous and discrete time monetary growth model. I use it as my reference in studying the exam. The math appendix is also brillant.

Current consumption and future income growth: Synthetic panel evidence [An article from: Journal of Monetary Economics]

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Current consumption and future income growth: Synthetic panel evidence [An article from: Journal of Monetary Economics]
J.J. Nalewaik
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Elsevier | By Publisher | e-Docs | Formats | Books
ASIN: B000PC044K

Book Description

This digital document is a journal article from Journal of Monetary Economics, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Using group means computed from 20 years of high quality survey data, I show a strong and robust relation between households' consumption growth and subsequent realizations of their income growth, including realizations as distant as six years later. The relation appears in multiple types of variation in income growth: in variation across cohort-education groups, in variation over the life cycle, and in variation over the business cycle. While other explanations are explored, the results are likely due to forward-looking households altering their current consumption in response to information they receive about their income years into the future, information that turns out to be accurate.

Do you look to the future or focus on today? The impact of life experience on intertemporal decisions [An article from: Organizational Behavior and Human Decision Processes]

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Do you look to the future or focus on today? The impact of life experience on intertemporal decisions [An article from: Organizational Behavior and Human Decision Processes]
W. Liu , and J. Aaker
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Elsevier | By Publisher | e-Docs | Formats | Books
ASIN: B000PDTGNY

Book Description

This digital document is a journal article from Organizational Behavior and Human Decision Processes, published by Elsevier in 2007. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
In this research, we investigate the impact of significant life experiences on intertemporal decisions among young adults. A series of experiments focus specifically on the impact of experiencing the death of a close other by cancer. We show that such an experience, which bears information about time, is associated with making decisions that favor the long-term future over short-term interests (Studies 1 and 2). Underlying this effect appears to be increased salience and concreteness regarding one's future life course, shifting focus away from the present toward the long run (Studies 3 and 4). Finally, we explore the shift caused by a cancer death of a public figure and examine its stability over time (Study 5). Implications for research on intertemporal decision making and the impact of life events on perceptions and preferences are discussed.

Durable goods and the forward-looking theory of consumption: Estimates [An article from: Journal of Economic Dynamics and Control]

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Durable goods and the forward-looking theory of consumption: Estimates [An article from: Journal of Economic Dynamics and Control]
W.D. Lastrapes , and T.B. Potts
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Elsevier | By Publisher | e-Docs | Formats | Books
ASIN: B000PA9UX8

Book Description

This digital document is a journal article from Journal of Economic Dynamics and Control, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
In this paper, we analyze the effects of money on the market for durable goods. Using quarterly US data, we estimate the dynamic responses of the price and quantity of durable goods and housing to money supply shocks, assuming only that money is neutral in the long-run. We then match these responses to those predicted by an equilibrium model of the markets for durable goods; the model relies on the standard theory of intertemporal consumer choice and the trade off between durable and non-durable goods. We find that money has important dynamic effects on the markets for durable goods, and that the theory provides a reasonable framework for interpreting these responses for plausible parameter values.

Durable goods and the forward-looking theory of consumption: Estimates implied by the dynamic effects of money

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Durable goods and the forward-looking theory of consumption: Estimates implied by the dynamic effects of money
W.D. Lastrapes , and T.B. Potts
Manufacturer: Copyright (c) 2006 Elsevier B.V.
ProductGroup: Book
Binding: Digital

Elsevier | By Publisher | e-Docs | Formats | Books
ASIN: B000I0QQH8

In search of the economic self [An article from: Journal of Socio-Economics]

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In search of the economic self [An article from: Journal of Socio-Economics]
S.E.G. Lea , and P. Webley
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital

Book Description

This digital document is a journal article from Journal of Socio-Economics, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Economic theory and data are reviewed in the light of the concept of an economic self. In psychology, the self is in principle held to be a unified entity underlying all decisions, but in practice this unity is undermined by failures of transparency and complications of reflexivity. Current economic theory is found to be deficient in not recognising a self, but economic data confirm that the unity of the self is not absolute. A fuller account of the economic self will require a recognition of the role of human nature and emotions such as pride in forming economic tastes.

A note on the Loewenstein-Prelec theory of intertemporal choice [An article from: Mathematical Social Sciences]

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A note on the Loewenstein-Prelec theory of intertemporal choice [An article from: Mathematical Social Sciences]
A. al-Nowaihi , and S. Dhami
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000P6OHSA

Book Description

This digital document is a journal article from Mathematical Social Sciences, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
In one of the major contributions to behavioral economics, Loewenstein and Prelec [Loewenstein, G., Prelec, D., 1992. Anomalies in intertemporal choice: evidence and an interpretation. The Quarterly Journal of Economics 107, 573-597] set the foundations for the behavioral approach to decision making over time. We correct a number of errors in Loewenstein and Prelec (1992). Furthermore, we provide a correct, more direct and simpler derivation of their generalized hyperbolic discounting formula that has formed the basis of much recent work on temporal choice.

Peer-to-peer file sharing communities [An article from: Information Economics and Policy]

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Peer-to-peer file sharing communities [An article from: Information Economics and Policy]
B.M. Cunningham , P.J. Alexander , and N. Adilov
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RQYHU6

Book Description

This digital document is a journal article from Information Economics and Policy, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Peer-to-peer file sharing communities present a paradox for standard public goods theory, which predicts that free-riding should preclude the success of the community. We present a model in which users choose their level of sharing, downloading, and listening in the presence of sharing costs and endogenous downloading costs. In our model, sharing emerges endogenously, largely as a byproduct of users' attempts to reduce own-costs.

Book Description

This book has grown from a workshop that brought together researchers and practitioners from a wide range of areas, including the safety domain. The focus of the workshop was on the well-known issue of organisational learning and organisational memory. The special merit of the book is that it combines the experiences of two usually separate disciplines i.e. safety science, where the main focus is on the codification of accidents, and knowledge management in service organisations, where the main focus is on exchanging successes.
The focus of some contributions is on individual and group processes, others on organisational strategy or societal and environmental issues.

Some key questions addressed in this book are:

- How can an organisation learn from its successes and failures, from its experiences and accidents?

- How can we prevent the loss of knowledge caused by intensive employee turnover or retirement?

- How can implicit knowledge be shared with colleagues and newcomers?

- To what extent can Information and Communication Technology (ICT) help to solve these problems?

Book Description

This book explores the factors which have contributed to the sustainability of rice production over the eight or nine thousand years for which rice has been produced. The author covers a wide range of issues, including soil fertility, plant breeding, pest management, irrigation, land degradation, and social and economic factors. Greatest emphasis is placed on the special features of wetland rice production, and the importance of the nutrient balance. It is also shown that without the Green Revolution there would have been a period of mass starvation in Asia, a problem which continues to threaten and which will be unavoidable unless the successes of the Green Revolution can be sustained.

Book Description

As the largest flying bird of North America, and one of the most endangered, the California Condor has been a source of tremendous interest and awe. This book offers up-to-date information on both the biology and conservation of the condor, as analyzed by the two most knowledgeable field biologists to have studied the species. The authors present first a thorough review of the history of condor studies and conservation efforts, then a detailed examination of the biology and recent decline of the species, and finally a hopeful plan for ultimate restoration of the species as a viable member of wild ecosystems. The book is illustrated with over a hundred superb color photographs covering numerous aspects of natural history of the species and recent conservation efforts on its behalf. Conservation of the California Condor has always been highly controversial, and this book does not shrink from controversy. Instead it offers a broad and insightful, but nevertheless sympathetic treatment of the many political conflicts of the past century.

Key Features:

Reviews historical account of condor biology and conservation
Analyzes nest site characteristics and limitations
Studies breeding behavior and analyzes breeding effort and success
Discusses mortality rates and the causes for their decline and efforts to improve reproduction
Discusses the techniques, problems, and results of captive breeding and release programs

Customer Reviews:

The landmark work on the California condor.......2000-06-20

Noel and Helen Snyder have done an incredible job, of capturing the history of the condor, its biology and much of the essence of the politics of high-profile endangered species recovery. While this meticulously researched book that will fulfill a scientist's needs for accuracy and detail, they have managed to relate that information with a personal touch that provides the lay reader with the sense of the adventure that the authors are recounting. They have tiptoed through a political mine field to bring out the stories and facts so necessarily missed or mis-understood by the media and distant observors. While many books are available on the condor, not since Carl Koford's work in the 50's has someone so close to this species told its story.

The California Condor: A Saga of Natural History and Conservation (Ap Natural World)

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The California Condor: A Saga of Natural History and Conservation (Ap Natural World)
Noel F. R. Snyder; Helen Snyder
Manufacturer: Princeton University Press
ProductGroup: Book
Binding: Paperback
ASIN: B000OHTTJC

Download Description

This research report identifies HCM suppliers' challenge: balancing dot.com agility in applying innovative solutions to people management process issues with brick-and-mortar stability - and staying in business beyond solution implementation.

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