Too much or too little information: how unknown uncertainty fuels time inconsistency

0502 economics and business 05 social sciences Original Article
DOI: 10.1007/s43546-021-00189-9 Publication Date: 2022-01-19T12:03:11Z
ABSTRACT
Abstract Under uncertainty, there is considerable heterogeneity in expectations of results, and the outcome each choice a reflection those expectations. This study aims to understand role subjective probabilistic inference updating information for decision-making procedures under uncertainty. We show that adding uncertainty trade-offs criteria induces more inconsistent present preferences. find results different levels acquisition, which plays central many everyday cases forecasting. The result forecasting exerts substantive constraints on cognitive processes shapes type restriction or stimulus procedures. As increases, generated fear losses turns into an obstacle acquisition process, especially participants with low tend overestimate underestimate future unknown rewards. In addition, our experiment shows risk preference does not play key finding experimental manifestation Knight’s argument (Risk, profit, Houghton Mifflin, Boston, 1921), explains relationship between ability time inconsistency.
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