Myopia and Addictive Behaviour
提出一个成瘾行为理论，通过内生贴现解释成瘾者为何忽视未来后果，并说明成瘾者与非成瘾者共存、成瘾概率、康复及复发等现象。
We present a theory of addictive behaviour which can account for addicts' apparent disregard for the future consequences of their current actions. The discounting of future utility is increasing in past consumption, indicating increasingly myopic behaviour as consumption increases. The intertemporal complementarity generated by the endogenous discounting produces multiple steady states which can account for the simultaneous existence of myopic addicts and non‐myopic non‐addicts within a time consiste nt expected utility framework. The theory also accounts for the probabilistic incidence of addiction and successful rehabilitation and the possibility of recurrence.