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Myopia and Inconsistency in Dynamic Utility Maximization
Abstract
R. H. Strotz; Myopia and Inconsistency in Dynamic Utility Maximization, The Review of Economic Studies, Volume 23, Issue 3, 1 January 1955, Pages 165–180, https
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“The hyperbolic shape of the discounting function also helps to explain the previously mentioned violations of the stationarity axiom in economics (Strotz, 1955); i.e., the tendency to prefer LLRs when SSRs are not readily available, and to reverse this preference when the SSR is immediately accessible.”
From Changing Delay Discounting and Impulsive Choice: Implications for Addictions, Prevention, and Human Health (2019) · cites this paper as Strotz, 1955
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Metadata
- Authors
- Strotz, R. H.
- Corresponding author
- Strotz, R. H.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1955
- Volume
- 23
- Issue
- 3
- Pages
- 165
- ISSN
- 0034-6527 (ISSN-L)
- OpenAlex
- W4251562186
- Cited by
- 2,834
- References
- 0
- Citations by year
- 2026: 62 · 2025: 116 · 2024: 145 · 2023: 119 · 2022: 95 · 2021: 140 · 2020: 171 · 2019: 149 · 2018: 134 · 2017: 117 · 2016: 111 · 2015: 104 · 2014: 78 · 2013: 92 · 2012: 93
- FWCI
- 0.00
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Review of Economic Studies (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic theories and models
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Theory and Institutions
- Keywords
- myopia, inconsistency, time preference, intertemporal choice, consumer behavior
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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