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p. 676. Taking timelocked

  • Michelle Baddeley


Often our everyday decisions unfold over time and what we want today is not always consistent with what we might want tomorrow. Understanding why many people do not behave in a way that is consistent with their own long-term best interests is a key challenge for behavioural economists and policy-makers. ‘Taking time’ explains how humans (and animals) suffer from present bias: we have a disproportionate preference for smaller, immediate rewards over delayed, larger rewards—a reflection of underlying time inconsistency. It considers the intertemporal tussle between our patient and impatient selves, pre-commitment strategies, and self-control. The behavioural life cycle models of choice bracketing, framing, and mental accounting are also discussed.

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