Choice with Time

João V Ferreira (1) , Nicolas Gravel (1)

1 GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille

We propose a framework for the analysis of choice behavior when the later explicitly depends upon time. We relate this framework to the traditional setting from which time is absent. We illustrate the usefulness of the introduction of time by proposing three possible models of choice behavior in such a framework: (i) changing preferences, (ii) preference formation by trial and error, and (iii) choice with endogenous status-quo bias. We provide a full characterization of each of these three choice models by means of revealed preference-like axioms that could not be formulated in a timeless setting.

Mots clés: choice behavior; time; revealed preferences; changing preferences; learning by trial-and-error; inertia bias

Domaines: Economies et finances

João V Ferreira, Nicolas Gravel. Choice with Time. 2017. ⟨halshs-01577260⟩