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Reinterpreting Delay and Procrastination

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  • Conrad Kosowsky

Abstract

I model a rational agent who spends resources between the current time and some fixed future deadline. Opportunities to spend resources arise randomly according to a Poisson process, and the quality of each opportunity follows a uniform distribution. The agent values their current resource stock at exactly the sum of expected utility from all future spending opportunities. Unlike in traditional discounted expected utility models, the agent exhibits correlation aversion, static (but not dynamic) preference reversals, and monotonicity with respect to payment timing. Connecting the agent's risk and time preference is intuitive, and doing so leads to a new model of procrastination where the agent misperceives their general attitude toward spending resources.

Suggested Citation

  • Conrad Kosowsky, 2024. "Reinterpreting Delay and Procrastination," Papers 2411.11828, arXiv.org.
    • Handle: RePEc:arx:papers:2411.11828
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    References listed on IDEAS

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    1. Emmanuel Kemel & Corina Paraschiv, 2023. "Risking the future? Measuring risk attitudes towards delayed consequences," Post-Print hal-04385738, HAL.
    2. Asen Kochov & Yangwei Song, 2023. "Intertemporal Hedging and Trade in Repeated Games With Recursive Utility," Econometrica, Econometric Society, vol. 91(6), pages 2333-2369, November.
    3. Ned Augenblick & Matthew Rabin, 2019. "An Experiment on Time Preference and Misprediction in Unpleasant Tasks," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(3), pages 941-975.
    4. Oscar Lau C., 2019. "Disentangling Intertemporal Substitution and Risk Aversion Under the Expected Utility Theorem," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 19(2), pages 1-14, June.
    5. Kemel, Emmanuel & Paraschiv, Corina, 2023. "Risking the future? Measuring risk attitudes towards delayed consequences," Journal of Economic Behavior & Organization, Elsevier, vol. 208(C), pages 325-344.
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