We document a robust dynamic inconsistency in risky choice. Using a unique brokerage dataset and two preregistered …

the potential for time-inconsistency. Under Case Law, Courts may be tempted to behave myopically and neglect ex … matures this temptation prevails and Case Law Courts succumb to the time-inconsistency problem. Statute Law, on the other hand … pairs the lack of flexibility with the ability to commit in advance to a given (forward looking) rule. This solves the time-inconsistency …

inconsistency problem; (ii) strategic interaction in the political process; (iii) heterogeneity among individuals and the resulting …