MODELING OF INTERTEMPORAL DECISION MAKING: A TRANSITION FROM SINGULAR TIME FLOW TO THE MULTIPLE TIME-REPRESENTATIONS

The paper presents the idea of transition from usage of singular time flow in modeling of the intertemporal decisions to the application of the multiple cognitive representations of time flow. The number of reasons is listed for such transition, namely the existence of different kinds of temporal framing effect, the results of the studies in behavioral economics of impact of different kinds of future representation in language on economic behavior and some of the author's experimental studies (Polunin, 2009, 2014, 2015, 2016). On this ground author argues that the formula for calculation of discounting utility for the temporally distant propositions has to rely not on the singular time flow, but on the number of qualitatively different cognitive representations of time flow relevant for modeling of proposition temporality. Taking into account a contribution of every single cognitive representation of time flow should contribute to the quality of modelling of intertemporal decision making.