A person is dynamically inconsistent if
A) Lapses in self-control never occur
B) His preferences over the alternatives available at some future date do not change as the date approaches or once it arrives
C) He does not always follow through on his plans and intentions
D) All of these

Question

Quizplus · Accepted Answer

Dynamic inconsistency refers to a situation where a person's preferences change over time, leading them to make decisions that are inconsistent with their past plans or intentions. This often involves failing to follow through on plans due to changing preferences or priorities as time passes.

A Person Is Dynamically Inconsistent If