Examlex
Describe the process of "creative destruction" using a specific example.
Time Inconsistency
is a situation where a person's preferences change over time, such that what they choose today may differ from what they will choose in the future, often leading to decision-making challenges.
Present
The current moment or period in time.
Future
Refers to the time that is yet to come, also used in finance as a contract to buy or sell an asset at a predetermined future date and price.
Time Inconsistency
A situation where a decision-maker's preferences change over time, making plans formulated at one time incompatible or less desirable at a future time.
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