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Sure, for example buying heroin. You have to get through a few steps to agree though! You could disagree by saying that people's "revealed preferences" are the
by anonymoushn 10y ago
Sure, for example buying heroin.
You have to get through a few steps to agree though! You could disagree by saying that people's "revealed preferences" are their "actual preferences", or by saying that people's utility function after accounting for hyperbolic discounting is their "actual utility function."
- baddox 10y agoOf course in the case of heroin addiction it's easy to poke fun at the notion of time-discounted utility functions, but you can't really shrug off the idea, since it's vital to explaining why people do all sorts of immediately neutral or unpleasant things like brushing their teeth, saving money, or exercising.