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Time-consistent optimal stopping

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  • Smith, Lones

Abstract

This paper investigates time consistent preferences where the strategy space consists of a stopping time, and decision-maker also acts under uncertainty. Despite the requirement of identical vNM preferences, it is shown that in addition to the e xponential discounting class identified by Strotz (1956), negative affine discounting also yields time consistent behavior.
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Suggested Citation

  • Smith, Lones, 1997. "Time-consistent optimal stopping," Economics Letters, Elsevier, vol. 56(3), pages 277-279, November.
    • Handle: RePEc:eee:ecolet:v:56:y:1997:i:3:p:277-279
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    References listed on IDEAS

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    1. Matthew Rabin & Ted O'Donoghue, 1999. "Doing It Now or Later," American Economic Review, American Economic Association, vol. 89(1), pages 103-124, March.
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    Cited by:

    1. Jussi Keppo & Lones Smith & Dmitry Davydov, 2006. "Optimal Electoral Timing: Exercise Wisely and You May Live Longer," Cowles Foundation Discussion Papers 1565, Cowles Foundation for Research in Economics, Yale University.
    2. Halevy, Yoram, 2004. "Diminishing Impatience: Disentangling Time Preference from Uncertain Lifetime," Microeconomics.ca working papers halevy-04-10-29-09-59-47, Vancouver School of Economics, revised 25 Feb 2014.

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    More about this item

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory

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