Time Consistency: Stationarity and Time Invariance

Research output: Contribution to journalArticlepeer-review


A sequence of experiments documents static and dynamic "preference reversals" between sooner-smaller and later-larger rewards, when the sooner reward could be immediate. The theoretically motivated design permits separate identification of time consistent, stationary, and time invariant choices. At least half of the subjects are time consistent, but only three-quarters of them exhibit stationary choices. About half of subjects with time inconsistent choices have stationary preferences. These results challenge the view that present-bias preferences are the main source of time inconsistent choices.

Original languageAmerican English
Pages (from-to)335-352
Number of pages18
Issue number1
StatePublished - 1 Jan 2015
Externally publishedYes


  • Diminishing impatiences
  • Intertemporal preferences
  • Time discounting

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


Dive into the research topics of 'Time Consistency: Stationarity and Time Invariance'. Together they form a unique fingerprint.

Cite this