When solving for optimal strategies, a financial engineer needs to take into consideration of preferences heterogeneities, which involve not only present bias, but also future-focused preferences. We provide a reusable tool (i.e. algorithm) for explicitly solving optimal strategy in the presence of preferences variation over time, decision-makers and goods. In this framework, a new discount function identifies many hitherto unknown preference heterogeneities, a non-standard HJB yields sophisticated solution, a behavior equation produces naive and precommitted solutions. An application of the framework shows that a decision-maker can be neither impatient nor patient, and that sophisticated paradigm engenders immediate gratification in earlier phases of life cycle and self-control in later phases of life cycle.

中文翻译：

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一种涉及当前偏差的异质性的解决方法

在求解最佳策略时，财务工程师需要考虑偏好异质性，这种异质性不仅涉及当前的偏见，还涉及面向未来的偏好。我们提供可重用的工具（即算法），用于在偏好随时间，决策者和商品变化的情况下显式求解最佳策略。在此框架中，新的折现函数可识别许多迄今未知的偏好异质性，非标准的HJB产生复杂的解决方案，行为方程式产生幼稚的和预先确定的解决方案。该框架的应用表明，决策者既不能急躁也不能忍耐，复杂的范式可以在生命周期的早期阶段立即满足，而在生命周期的后期阶段进行自我控制。