Speaker

Prof. Peter Killeen

Title

"Economic Anamolies in Intertemporal Choice"

Abstract

Ever since von Neuman and Morgenstern, the theoretical analysis of choice between lotteries-a key operation in establishing scales of subjective utility-has been beset by empirical anaomalies. These are briefly reviewed. Many of these may be resolved by the appropriate stochastic treatment of the temporal discounting function, as described in this talk.