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On the Benefits of Time-Inconsistent Preferences

Abstract Why are time-inconsistent preferences widespread among decision makers? This paper provides a possible explanation by showing that time-inconsistent preferences could be beneficial for decision makers that work together. Time-inconsistent preferences – which are usually blamed for having detrimental effects – can thus be advantageous for the functioning of societies. We further show that decision makers with time-inconsistent preferences are better off if they are naive rather than sophisticated concerning their inconsistency. The results do not depend on the construction of contracts or punishment schemes.