4. Consider the scenario in the lecture where your preferences are given by hyperbolic discounting, you are in t = 1 and have 4 periods to do an activity, however, this time, the activity is a pleasant one such as going for a pleasant walk. The hedonic utility for each period is given below. Your hyperbolic discount factor is 3 = 0.5, and per period discount rate is 8 = 1. U1 = 1, U2 = 1.5, Us = 2.5, Ug = 3.75 a If you are a naive consumer / planner - when do you take a walk? b) If you are sophisticated planner - when do you take a walk? c) Which would you prefer to be? Why