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Multiple selves in intertemporal choice

Author

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  • Julian Jamison
  • Jon Wegener

Abstract

We propose that individuals consider future versions of themselves to truly be separate persons, not simply as a convenient modeling device but in terms of actual brain systems and decision-making processes. Intertemporal choices are thus quite literally strategic interactions between multiple agents. Previous neuroscientific studies have found evidence that systems involved with Theory of Mind (that is, mentalizing other agents) are similar to those involved with prospection (imagining oneself in the future). We provide a conceptual framework for this work and suggest that, instead of prospection, a more analogous future task is one that concerns intertemporal choice and time preferences, since these involve implicit prediction of future actions. Recent functional imaging studies appear to confirm such a link. Additional studies - behavioral, clinical, and neuroimaging - are proposed in order to confirm the specific nature of the correspondence and to elucidate the underlying mechanisms. Finally, given that society may have a vested interest in promoting the welfare of future selves, we discuss possible policy implications of departing from the standard framework in which individuals act in their own best interests as defined over the entire lifetime.

Suggested Citation

  • Julian Jamison & Jon Wegener, 2009. "Multiple selves in intertemporal choice," Working Papers 09-17, Federal Reserve Bank of Boston.
  • Handle: RePEc:fip:fedbwp:09-17
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    Cited by:

    1. Sacha Bourgeois-Gironde & Itzhak Gingi Aharon, 2011. "From Neuroeconomics to Genetics: The Intertemporal Choices Case as an Example," Post-Print ijn_00713466, HAL.
    2. Michael Nwogugu, 2020. "Regret Theory And Asset Pricing Anomalies In Incomplete Markets With Dynamic Un-Aggregated Preferences," Papers 2005.01709, arXiv.org.

    More about this item

    Keywords

    Human behavior; Game theory;

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