Intertemporal decision making studies on the working of by Alexander Ludwig Wolfgang Gattig. PDF

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By Alexander Ludwig Wolfgang Gattig.

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More precisely, if goods become more scarce, prices rise and demand drops. From sociology it borrows that an actor's definition of a situation heavily 29 Esser even claims that the failure to look at the definition of the situation is responsible for almost all anomalies rational choice theory: 'Den Kern nahezu aller Anomalien der Theorie des rationalen Handelns bildet ein Vorgang, der von der Soziologie immer schon sehr betont worden ist: In jede Handlungsentscheidung wird eine besondere "Definition" der Situation geschaltet, die erst die Präferenzen und die Erwartungen strukturiert, von denen dann erst die Selektion eines Handelns ausgehen könne (Esser 1996: 2).

Hedonic goods thus should create feelings of deprivation more easily and more strongly than utilitarian goods and subjects should therefore prefer to delay consumption of utilitarian rather than hedonic goods. In addition, impatience for hedonic over utilitarian goods should be stronger when subjects consider which good to receive sooner than when subjects have to determine adequate monetary compensation charges for delay. Asking subjects about their preference for immediate consumption raises the salience of hedonic frames, because immediate consumption is much more attractive when it provides direct utility.

The above interpretation is not unique to the discrimination model. Prelec and Loewenstein (1991) review some similarities between empirical regularities in risky and 35 Note again, that the framing effects reported in Chapter 1 are based on a different notion of framing, viz. changes in preferences due to reference point manipulations caused by rephrasing of the choice problem. Therefore, framing in this case refers to different matters. 36 Since the discrimination model is stochastic, changes in choice probabilities imply changes in preference.

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