Suppose you have a report due in four weeks. You can choose to write this report in either week one, two, three or four. The reward v of finishing the report is consistent in the four weeks, i.e. Reward = (v, v, v, v). The cost c of finishing the report in each week is Cost = (3, 5, 8, 15). For simplicity, we assume that 8 = 1. a. If you are time consistent (ß = 1), which week will you choose to write the report? b. If you are naïve (p = 0.5), which week will you choose to write the report?

Suppose you have a report due in four weeks. You can choose to write this report in either week one, two, three or four. The reward v of finishing the report is consistent in the four weeks, i.e. Reward = (v, v, v, v). The cost c of finishing the report in each week is Cost = (3, 5, 8, 15). For simplicity, we assume that 8 = 1. a. If you are time consistent (ß = 1), which week will you choose to write the report? b. If you are naïve (p = 0.5), which week will you choose to write the report?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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