Thanks for that – the point that I’m separating out uncertainty helped clarify some things about how I’m thinking of this.
So is time inconsistency the only way that a discount function can be self-inconsistent? Is there any reason other than self-inconsistency that we could call a discount function irrational?
Thanks for that – the point that I’m separating out uncertainty helped clarify some things about how I’m thinking of this.
So is time inconsistency the only way that a discount function can be self-inconsistent? Is there any reason other than self-inconsistency that we could call a discount function irrational?