Time inconsistency: Difference between revisions
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imported>Nick Gardner (New page: {{subpages}} <!-- Text is transcluded from the Time inconsistency/Definition subpage-->) |
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Latest revision as of 13:24, 19 January 2010
Time inconsistency [r]: A concept that includes (i) the failure to carry out a previous undertaking (such as an unsuccessful threat or promise that was intended to influence the decisions of others); and, (ii) a change, due solely to the passage of time relative to the time of valuation, to the discount rate that is used to value a delayed cost or benefit. [e]
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