Lühikokkuvõte: Uncertainty is fundamentally a subjective phenomenon - as are preferences concerning time. How should one model decision maker when we only have access to her mind through her choices? The model should pin down beliefs of the agent and her preferences at the same time. Savage (1954) provides a famous axiomatization concerning such subjective beliefs. However, his framework is inadequate in characterizing time preferences which is unfortunate since, as pointed out by Dasgupta and Maskin (2005), behavior reflecting time inconsistent behavior can emerge of either time inconsistent preferences or beliefs concerning temporal structure of prizes. We complement the picture by providing characterization of subjective beliefs and time preferences in a framework, which permits testing time consistent preferences even under subjective beliefs.

The public research seminars of the Department of Economics and Finance (DEF) at Tallinn University of Technology  usually take place on the second and fourth Wednesdays of the month in both onsite and online format, unless announced otherwise. The presentation will last approximately 45 minutes followed by 15 minutes of discussion. The seminars are held in English. Copies of the paper are usually made available at the seminar. The DEF seminar series is organised in collaboration with the project ”Individual Behaviour and Economic  Performance: Methodological  Challenges and Institutional Context” (IBEP), which has received funding from the European Union’s Horizon 2020 Research and Innovation programme under Grant Agreement No 952574. Questions about the seminar can be sent to the IBEP seminar coordinator Kadri Männasoo, kadri.mannasoo@taltech.ee.