Explain idea of time inconsistency

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People at buffets put more on their plates as well as eat more the greater the variety of items they have to select from. How does this transmit to the idea that diminishing marginal utility must be understood in context? Numerous people buy too much on their credit card even though they know they will be sorry when they get their credit card bill. Narrate this fact to the idea of time inconsistency

Reference no: EM13103594

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Explain idea of time inconsistency : People at buffets put more on their plates as well as eat more the greater the variety of items they have to select from. How does this transmit to the idea that diminishing marginal utility must be understood in context?

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