Friedman (1950) championed a shift from a fixed exchange rate regime (Bretton Woods) to a world of central bank issued floating currencies. Following Menger (1892) and Mises (1971), we see that the exchange-value of money lies in the original use-value of a commonly accepted medium of exchange. However, actors also incorporate their inter-temporal preferences in choosing a money. Not only their...

Acknowledgements: We thank John McMillan, David Laibson, Colin Camerer, Nachum Sicherman, Duncan Simester, and three anonymous referees for useful comments. We thank Cara Barber, Rosa Blackwood, Mandar Oak, and Rosa Stipanovic for research assistance. For financial support, Frederick and Loewenstein thank the Integrated Study of the Human Dimensions of Global Change at Carnegie Mellon Universit...

Computational methods for discovering the preferences of individuals are useful in many applications. In this paper, we propose a method for learning valued preference structures, using a natural extension of so-called pairwise classification. A valued preference structure can then be used in order to induce a ranking, that is a linear ordering of a given set of alternatives. This step is reali...

We reexamine Rogers’ (1994) analysis of the biological basis of the rate of time preference. Although his basic insight concerning the derivation of the felicity function holds up, the functional form he uses does not generate the evolutionary equilibrium behavior. Moreover, Rogers relies upon an interior solution for a particular kind of intergenerational transfer. We show such interior soluti...

We modify the model of rational addiction of G. Becker and K. Murphy 1988] by considering diminishing time preference rates. The model provides explanation for a number of stylized facts: The model explains that addictive good consumption is non-monotone over time (the addiction career) without breaking concavity of the preferences, that not all individuals get addicted, that the eeect of price...

Participants compared successive color patterns (Exp. 1) or jingles (Exp. 2), selecting the preferred one. Results were well described by Hellström’s sensation-weighting model, with a greater weight for the second stimulus than for the first. Mean time-order errors were negative, which can be explained as a consequence of this stimulus weighting and of a reference level for aesthetic attractive...

the purpose of this paper is to survey of muslim consumer behavior with respect to a given portfolio. in other words, in this paper, a set of specified assets with returns in certain state be considered as the individual's budget constraint. in this regard, factors affecting the portfolio selection by the individual in islamic economics will be discussed. also the subject of consumption in...

This paper is devoted to construction of fuzzy preference relations and to showing how this construction is connected with Lukasiewicz filters and TL-evaluators. We will study also extensions of Lukasiewicz filters on subsets of some X 6= ∅ to TL-evaluators on the system (lattice) of fuzzy functions f : X → [0, 1].