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Anticipation and the Valuation of Delayed Consumption
Abstract
This paper presents a model of intertemporal choice that incorporates "savoring" and "dread"-i.e., utility from anticipat ion of delayed consumption. The model explains why an individual with positive time preference may delay desirable outcomes or get unpleas ant outcomes over with quickly, contrary to the prediction of convent ional formulations of intertemporal choice. Implications of savoring and dread for savings behavior, empirical estimation of discount rate s, and public policy efforts to combat myopic behavior are explored. The model provides an explanation for common violations of the indepe ndence axiom as applied to intertemporal choice. Copyright 1987 by Royal Economic Society.
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Cited by
Loewenstein, G. F., Weber, E. U., Hsee, C. K., & Welch, N. (2001) · Psychological Bulletin · doi:10.1037/0033-2909.127.2.267 · Cited by 5,955
Self-citationRepresentativeness revisited: Attribute substitution in intuitive judgment.
Kahneman, D., & Frederick, S. (2002) · Heuristics and Biases · doi:10.1017/cbo9780511808098.004 · Cited by 3,476
Trope, Y., & Liberman, N. (2003) · Psychological Review · doi:10.1037/0033-295x.110.3.403 · Cited by 3,006
Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555280 · Cited by 2,400
Liberman, N., & Yaacov Trope, B. (1998) · Journal of Personality and Social Psychology · doi:10.1037//0022-3514.75.1.5 · Cited by 2,366
Metadata
- Authors
- Loewenstein, G.
- Venue
- The Economic Journal
- Publisher
- Oxford University Press (OUP)
- Published
- 1987-09
- Volume
- 97
- Issue
- 387
- Pages
- 666
- ISSN
- 0013-0133 (ISSN-L)
- OpenAlex
- W2055265054
- Cited by
- 1,326
- References
- 0
- FWCI
- 1.69
- Type
- journal article
- Language
- en
- Open access
- closed
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- Loewenstein, G. (1987). Anticipation and the Valuation of Delayed Consumption. The Economic Journal. https://doi.org/10.2307/2232929
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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