English, Article, Journal or magazine article edition: Myopic, Naive, Resolute or Sophisticated? A study of how people take dynamic decisions John Hey; Luca Panaccione

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Bookmark: http://trove.nla.gov.au/version/51498
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Myopic, Naive, Resolute or Sophisticated? A study of how people take dynamic decisions
Author
  • John Hey
  • Luca Panaccione
Physical Description
  • preprint
Notes
  • Potentially dynamically-inconsistent individuals create particular problems for economics, as their behaviour depends upon whether and how they attempt to resolve their potential inconsistency. This paper reports on the results of a new experiment designed to help us distinguish between the different types that may exist. We classify people into four types: myopic, naive, resolute and sophisticated. We implement a new and simple experimental design in which subjects are asked to take two sequential decisions (interspersed by a random move by Nature) concerning the allocation of a given sum of money. The resulting data enables us to classify the subjects. We find that the majority are resolute, a significant minority are sophisticated and rather few are naive or myopic.
  • dynamic inconsistency, sequential choice, myopic, naive, resolute, sophisticated
  • RePEc:yor:yorken:09/​17
Language
  • English
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