Question

On Monday, you want to start your exercise program on Saturday. When Saturday arrives, you spend...

On Monday, you want to start your exercise program on Saturday. When Saturday arrives, you spend your time watching college football and don't exercise. This behaviour is an example of:

a) Time inconsistency
b) Egocentrism
c) Negative discounting
d) Neo-foresight
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Homework Answers

Answer #1

Solution:

Notice that you have an inconsistent behavior here, as you plan something for near future, while change the plan when the time arrives. Now, egocentrism is about a person too much involved in self beliefs and opinions, undermining others', so this is kind of unrelated to what we wish to find. Negative discounting is again not in regards with the context. Neo-foresight is mainly for a consistent and rational behavior, which is exactly opposite to the case we are presented here.

This behavior is clearly referring to time incosistency or dynamic inconsistency, under which a person's preferences change over time such that inconsistency regarding decisions exist at any point in time.

So, the correct option is (A) Time inconsistency.

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