In the college admissions example, which of the following describes a student who exhibits time inconsistent preferences?
A) Joe visited UState on a sunny day. Despite the great parties at UState, Joe knows he needs to study hard to keep is scholarship. Joe decides to attend UState.
B) Joe visited UState on a sunny day and saw how much fun he would have there. He decides to attend UState and soon realizes that UState is only fun in the summer and spring and during other times of the year there is nothing to do. He finds himself
Constantly traveling to UCity to visit friends because there is so much more to do in the city. He wishes he would have attended UCity.
C) Joe visited UCity on a cold day. He liked UCity because it was close to the museums and there were lots of restaurants, but he decides to attend UState.
D) Joe visited UCity on a sunny day. The weather in the city felt really hot and he wished he was on a big, grassy campus so that he could relax in the shade. But, Joe attends UCity anyways.

Question

Quizplus · Accepted Answer

Joe initially chooses UState for its fun atmosphere during the sunny seasons but later regrets his decision when he realizes the limitations of the location outside these times. This change in preference over time, leading to a regretted decision, exemplifies time inconsistent preferences.

In the College Admissions Example, Which of the Following Describes