2) Suppose an agent must devote one of 4 weekends to some boring onerous task. There...
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2) Suppose an agent must devote one of 4 weekends to some boring onerous task. There is no reward for this task. If s/he completes the task in period 1, the cost is 3. If s/he completes the task in period 2, the cost is 5. If s/he completes the task in period 3, the cost is 8. If s/he completes the task in period 4, the cost is 13. Assume that = 0.5 and 6 = 0.9. Write down the utility function of each type of agent below. Also show that in which period the following type of agent completes the task. Discuss your results. a) Time-consistent agent b) Nave agent c) Sophisticated agent 2) Suppose an agent must devote one of 4 weekends to some boring onerous task. There is no reward for this task. If s/he completes the task in period 1, the cost is 3. If s/he completes the task in period 2, the cost is 5. If s/he completes the task in period 3, the cost is 8. If s/he completes the task in period 4, the cost is 13. Assume that = 0.5 and 6 = 0.9. Write down the utility function of each type of agent below. Also show that in which period the following type of agent completes the task. Discuss your results. a) Time-consistent agent b) Nave agent c) Sophisticated agent
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