A person is dynamically inconsistent if:
A) lapses in self-control occur.
B) he does not always follow through on his plans and intentions.
C) he changes his ranking of alternatives available at some future date as the date approaches or once it arrives.
D) All of these are sufficient for dynamic inconsistency.

Question

Quizplus · Accepted Answer

Lapses in self-control can lead to dynamic inconsistency as the individual may make decisions impulsively without considering their long-term goals. Not following through on plans and intentions also shows a lack of consistent decision-making. Finally, changing rankings of alternatives as the date approaches can suggest that the individual's preferences are not stable, indicating dynamic inconsistency. Therefore, all of these options are sufficient for dynamic inconsistency.

A Person Is Dynamically Inconsistent If