No. Time discount factor to our utility means "impatience",



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送交者: mangolasi 于 2006-4-27, 14:09:18:

回答: Fang is correct in using 朝三暮四的例子 由 Enlighten 于 2006-4-27, 13:52:49:

a very very weak assumption (which means, it can be taken without bring too much trouble, and it reflects reality very well).

What monkeys and we human being concerned, in this context, is not the value, but the satisfaction from value. While 4+3=3+4, 4^2+.99*3^2!=3^2+.99*4^2.

Of course you can assume this assumption away (i.e. you ASSUME monkeys are patient), then you will get the conclusion of irrationality. However, when you are adding the assumption which reflects the reality: monkeys are impatient, you will get the conclusion of rationality. As my assumption is reflecting the reality and giving a desirable conclusion (rationality), why not taking it? Assuming (unrealistically) patience and getting irrationality can not take you anywhere in terms of prediction.



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