Mixture-Dependent Preference for Commitment

  • 研討會日期 : 2021-01-25
  • 時間 : 10:30
  • 主講人 : Mr. Fernando Payro
  • 主持人 : Professor Chih-Chun Yang
  • 地點 : Conference Room B110
  • 演講者簡介 : Mr. Payro will receive his Ph.D. in Economics from Boston University in 2021. His research field are Microeconomic Theory, Decision Theory, and Behavioral Economics. He is applying for a position of the Institute of Economics, Academia Sinica now.
  • 演講摘要 : The literature on temptation and self-control is motivated by evidence of a preference for commitment. This literature has typically put forth models for preferences over menus of lotteries that satisfy the Independence axiom. Independence requires that the ranking of two menus is not affected if each is mixed (probabilistically) with a common third menu. In particular, the preference for commitment is invariant under Independence. We argue that intuitive behavior may require that the preference for commitment be affected by such mixing, and hence be mixture-dependent. To capture such behavior, we generalize Gul and Pesendorfer (2001) by replacing their Independence axiom with a suitably adapted version of the Mixture-Betweenness axiom of Chew (1989)-Dekel (1986). Axiomatizing the model involves a novel extension of the Mixture Space Theorem to preferences that satisfy Mixture-Betweenness.