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Time inconsistency

471 bytes added, 00:59, 19 March 2009
Created page with '{{behavioral economics basicdef}} ==Definition== '''Time inconsistency''' is the phenomenon whereby a person's tastes and preference change over time, leading to a different ev...'
{{behavioral economics basicdef}}

==Definition==

'''Time inconsistency''' is the phenomenon whereby a person's tastes and preference change over time, leading to a different evaluation of the costs and benefits of a certain decision. For instance, time inconsistency may refer to the difference between the value a person puts to ''anticipating'' something, the value the person puts to ''experiencing'' it, and the value the person places on ''having experienced'' it.
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