Article2003

Do people plan ahead?

15 citations0/0 files storedApplied Economics Letters

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Decision-Making and Behavioral Economics Financial Literacy, Pension, Retirement Analysis Experimental Behavioral Economics Studies

Abstract

A crucial basic assumption of economic theories of dynamic behaviour is that people plan ahead. This paper reports on an extremely simple experimental test of this fundamental principle. Indeed the experiment is so simple and so straightforward that it is difficult to believe that anyone would not plan ahead. However subjects are found who do not. What are they doing?

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References

1989Dynamic Consistency and Non-expected Utility Models of Choice under Uncertainty 1990Rationality and Dynamic Choice 1991Rationality and Dynamic Choice: Foundational Explorations.2002Experimental Economics and the Theory of Decision Making Under Risk and Uncertainty 2001A Test of the Principle of Optimality

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2007Unraveling the Disposition Effect: The Role of Prospect Theory and Emotions 2011A test of the rational expectations hypothesis using data from a natural experiment 2008Complexity and Bounded Rationality in Individual Decision Problems 2013Decision field theory-planning: A cognitive model of planning and dynamic decision making 2014Preface

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