Consider O'Donoghue and Rabin's model of choosing when and which activity to do. In each case, suppose
Question:
a. Suppose v1 = 22, c1 = 0, v2 = 40, c2 = 40. Solve for the behavior that would result from a sophisticate as a function of δ.
b. Suppose v1 = 44, c1 = 0, v2 = 40, c2 = 80. Solve for the behavior that would result from a sophisticate as a function of δ.
c. For parts a and b, solve for the behavior that would occur if action 2 was not available.
d. Compare these answers to the examples in the text. What might this imply about the size of the rewards available and the tendency to procrastinate?
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a Using the formulas from the example the decisionmaker anticipates that in the second period the decisionmaker would face the possible choices Execut...View the full answer
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