"Time Inconsistency" Refers to the

question 192

Multiple Choice

"Time inconsistency" refers to the

• A)tendency for policies with high short-run benefits to have high long-run costs.
• B)fallacy that what is true for the short run must be true for the long run.
• C)tendency to regularly misjudge in the present what you will do in the future.
• D)tendency to misjudge how long it will take to accomplish a future task.

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Definitions:

Representativeness Heuristic

A cognitive shortcut that involves making judgments based on how much one event resembles another.

Stereotypes

Oversimplified, generalized ideas about a group of people that often lead to prejudiced attitudes or behavior.

Phonemes

Phonemes are the smallest units of sound in a language that can distinguish one word from another, such as the distinction between the consonant sounds in "pad" and "bad."

Emotion

Complex psychological states involving thoughts, feelings, physiological changes, and behaviors.