5. For each of the following three scenarios, would you rather:

a. Receive $100 in one month or $100 in two months (most people prefer the former)?

b. Be given an excellent meal at a nice restaurant in one month or in two months

(most people prefer the former)?

c. Be given a mediocre meal at a mediocre restaurant in one month and then an excellent meal at a nice restaurant in two months or an excellent meal at a nice restaurant in one month followed by mediocre meal at a mediocre restaurant in two months (most people prefer the former)?

Assume that you respond as do most people. Explain any inconsistency in your preferences.