| 单词 | time inconsistency |
| 释义 | time inconsistency time inconsistency In utility theory, the idea that an individual’s economic preferences may vary over time, sometimes in ways that do not accord with simple views of his or her rational self-interest. For example, if on 1 January 2015 a person was asked to choose between receiving £10,000 on 1 January 2030 or £11,000 on 1 July 2030, it seems certain that he would opt for the larger sum. However, if the same person was offered the same choice on 31 December 2029 the prospect of receiving an immediate £10,000 might be too attractive to resist. Time inconsistency is of major interest in the field of behavioural finance. At the macroeconomic level, it has been used to explain inflationary bias and to argue for a rules-based approach to monetary policy. |
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