Sunday, 16 January 2000

From "Shrewdly Irrational"

By Robert H. Frank.

[...] there are many situations in which persons known always to pursue self-interest are for that very reason unable to attain it [...] The common feature of these situations is that the optimal pattern of future behavior reckoned at one point in time differs predictably from the one that will emerge at some later point. In order to secure the best possible outcome, people must sometimes commit themselves ex ante to patterns of behavior that it would be disadvantageous for them to follow ex post.

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