Consumer theory assumes that utility functions are consistent over time
Consumer theory's assumption of consistent utility functions over time is challenged by empirical evidence showing that human intertemporal choices and preferences fluctuate due to emotions, motor dynamics, and contextual inconsistencies.
The claim states that consumer theory assumes utility functions are consistent over time. While this describes a foundational theoretical assumption in classical economics, empirical papers like [0] and [9] directly refute the validity of this assumption by showing that human preferences are genuinely inconsistent over time and context. Therefore, the empirical reality contradicts the strict assumption, making REFUTED the appropriate verdict.
Lei P, Zhang H, Zheng W, Zhang L. Does sadness bring myopia: an intertemporal choice experiment with college students.. 2024. https://doi.org/10.3389/fpsyg.2024.1345951
Paper [0] demonstrates that individuals' intertemporal choices and preferences for rewards are inconsistent and influenced by emotional states like sadness, challenging rigid consistency assumptions.
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Kurtz-David V, Madar A, Hakim A, Palmon N, Levy DJ. The Trembling Hand Unraveled: Motor Dynamics and Choice Inconsistency.. 2025. https://doi.org/10.1523/jneurosci.1312-24.2025
Paper [9] provides extensive evidence that humans are inherently inconsistent in their economic and risky choices.
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