Do people plan ahead?

John D. Bone Department of Economics, University of York, Heslington, York YO10 5DD, UK

John D. Hey Department of Economics, University of York, Heslington, York YO10 5DD, UK; University of Bari

John R. Suckling Department of Economics, University of York, Heslington, York YO10 5DD, UK

Abstract

A crucial basic assumption of economic theories of dynamic behaviour is that people plan ahead. This paper reports on an extremely simple experimental test of this fundamental principle. Indeed the experiment is so simple and so straightforward that it is difficult to believe that anyone would not plan ahead. However subjects are found who do not. What are they doing?

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Do people plan ahead?

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Do people plan ahead?

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