When a decision-maker's future preferences can contradict earlier preferences
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In economics, dynamic inconsistency or time inconsistency is a situation in which a decision-maker's preferences change over time in such a way that a preference can become inconsistent at another point in time. This can be thought of as there being many different "selves" within decision makers, with each "self" representing the decision-maker at a different point in time; the inconsistency occurs when not all preferences are aligned.
The term "dynamic inconsistency" is more closely affiliated with game theory, whereas "time inconsistency" is more closely affiliated with behavioral economics.[vague][citation needed]
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