Virtues and Vices in Monetary Tradeoffs
نویسندگان
چکیده
Monetary intertemporal tradeoffs are a restricted, yet underexplored, domain. In this extended abstract, we provide an integrative analysis of monetary tradeoffs involving single dated outcomes, unmixed sequences, virtues (schedules of investment), and vices (schedules of debt). Results include debt aversion, aversion to vices (which adds to debt aversion) and relative vices, and attraction to virtues and relative virtues. The results motivate a comparative mental accounting model, which includes direct comparisons between the outcomes delivered by the options at consecutive delays. The model accommodates not only the results reported in this extended abstract, but also other puzzling phenomena in choices involving sequences.
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