| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w29577
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| 来源ID | Working Paper 29577
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| Cognitive Uncertainty in Intertemporal Choice |
| Benjamin Enke; Thomas Graeber
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| 发表日期 | 2021-12-20
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| 出版年 | 2021
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| 语种 | 英语
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| 摘要 | This paper studies the relevance of cognitive uncertainty – subjective uncertainty over one's utility-maximizing action – for understanding and predicting intertemporal choice. The main idea is that when people are cognitively noisy, such as when a decision is complex, they implicitly treat different time delays to some degree alike. By experimentally measuring and manipulating cognitive uncertainty, we document three economic implications of this idea. First, cognitive uncertainty explains various core empirical regularities, such as why people often appear very impatient, why per-period impatience is smaller over long than over short horizons, why discounting is often hyperbolic even when the present is not involved, and why choices frequently violate transitivity. Second, impatience is context-dependent: discounting is substantially more hyperbolic when the decision environment is more complex. Third, cognitive uncertainty matters for choice architecture: people who are nervous about making mistakes are twice as likely to follow expert advice to be more patient. |
| 主题 | Microeconomics
; Behavioral Economics
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| URL | https://www.nber.org/papers/w29577
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587251
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推荐引用方式
GB/T 7714 |
Benjamin Enke,Thomas Graeber. Cognitive Uncertainty in Intertemporal Choice. 2021.
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文件名：
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w29577.pdf
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格式：
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Adobe PDF
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