R. H. Strotz

R. H. Strotz was an economist known for his work on decision-making over time. He studied how people and organizations plan for the future, balancing immediate needs against future benefits. His research helped explain why individuals sometimes prefer smaller, sooner rewards over larger, delayed ones, a concept called "time inconsistency." Strotz's insights are important in understanding savings behavior, career choices, and policy design, highlighting that preferences can change over time and affecting long-term planning strategies.