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…
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