Re: Article excerpt on Market failure to sufficently weigh the future?

Date: Sun Oct 29 2000 - 23:26:21 MST

In a message dated 10/29/00 6:30:15 PM, cites, from The Social
Discount Rate by Andrew Caplin and John Leahy:

> When asked most people would prefer having completed an
>onerous task last week over having to perform one this evening; they
>would prefer a pleasurable meal this evening to one ten years ago; and
>they would prefer to be leaving on vacation to returning to work when
>their vacation is over.

I find this a nonsensical concept. Preferences for past actions have no
as you can't undo them. I am no longer able to choose to not eat that meal
ten years ago. The value of regret is that it may instruct you to do
something differently now, but the basis of the change is new information,
not simply the fact that the pleasure was long ago.

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