Titlebook: Dynamic Preferences, Choice Mechanisms, and Welfare; Ludwig Auer Book 1998 Springer-Verlag Berlin Heidelberg 1998 Dynamisches Wahlverhalte

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Dynamic Preferences, Choice Mechanisms, and Welfare978-3-642-58879-2Series ISSN 0075-8442 Series E-ISSN 2196-9957

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,ם,that review is that in a number of choice situations the simple discounted utility model is a poor reflection of an agent’s actual behaviour. In order to capture choice behaviour more accurately one must look for less restrictive utility models.

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,ﻻ,odels. In contrast to the frameworks discussed there, in this chapter we consider only those models, which abstain from presupposing any form of instantaneous utility. The intertemporal utility function employed in universal models is defined as ..

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,פ,sketched out. His analysis is restricted to strong orderings. It is not appealing to define strong orderings over . budget sets. Either one uses weak orderings over infinite sets or, if this is not possible, strong orderings over finite sets. Accordingly, in Hammond the set of terminal nodes . is assumed to be finite.

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,מ, preferences may change over time and that at each point of time current preferences depend on aspects which are associated with the past or the future. The neglect of these phenomena may lead to results which have little in common with real life.