NSCS 320 Lecture Notes - Lecture 23: Taxicab, Richard Thaler, Jon Elster

• School: University of Arizona
• Department: Neuroscience & Cognitive Sci
• Course: NSCS 320
• Professor: Massi Piatelli- Palmarini

Document Summary

Lecture 23 - choice over time and medical decision. Are naturally projected over time, they extend along the past, present, and future. Many are part of a series of successive choices, preferences, and decisions extended over a time of hours, days, weeks, months, and sometimes years. The subjective utility of x, if x occurs now is greater than its subjective utility if x occurs sometime in the future. The curve is steepest for the near future and then flattens out as the delay increases. The subjective utility is not the same if it occurs now or in the future and not the same in the near future or distant future. Subjective utility is: money or goods received or lost, services received or given, praise or blame, etc. Field in cognitive science that focuses on the study of choice over time.