Removed preferences |
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Authors: | Jawwad Noor |
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Institution: | Department of Economics, Boston University, 270 Bay State Road, Boston, MA 02215, United States |
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Abstract: | In formalizing a ‘veil of ignorance’ type procedure, this paper considers how an agent?s preferences over a set of alternatives change as he is placed at an increasing ‘distance’ from the consequences of his choices. A definition for such ‘removed preferences’ is presented and its properties studied. As an application, it is demonstrated that present biased agents are ‘essentially’ exponential when distanced from the present, and that rank-dependent expected utility agents are ‘essentially’ expected utility when distanced from risk. |
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Keywords: | D11 D60 |
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