In Keeping with the Ainslie -Rachlin Model of Self-Control, Am

question 40

Short Answer

In keeping with the Ainslie -Rachlin model of self-control, am I most likely to choose $50 over a $100 when the choice is between obtaining (A) $50 now versus $100 a year from now or (B) $50 a year from now versus $100 two years from now? I would choose alternative _________, which means that I tend to become impulsive when the smaller sooner reward is (imminent/delayed) _________.

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Definitions:

Private-Values

The individual valuation of an item or asset that varies from person to person, usually in the context of auctions or bidding scenarios.

Vickrey Auction

A type of sealed-bid auction where bidders submit written bids without knowing the bid of the other people in the auction and the highest bidder wins, but the price paid is the second-highest bid.

True Valuation

The actual worth of a good or service to an individual, reflecting the maximum amount they are willing to pay to acquire it.

English Auction

A common type of auction where participants openly bid against one another, with the price gradually increasing until only the highest bidder remains.