4. (Lehr #5.1) Doing it Once: Sporting Time. ODonoghue and Rabin (1999, 112) propose the following scenario: Suppose you must write a paper this weekend, on Friday night, Saturday or Sunday. You know the paper will be better if written on either Saturday or Sunday (when you have an entire day). However, it is a mid-November weekend with plenty of sports on TV pro basketball on Friday night, college football on Saturday, and pro football on Sunday. You prefer watching pro football to college football, and prefer college football to pro basketball. Let's apply the Doing it Once model to this decision problem of when to write the paper. There are three periods (T = 3) over which to write the paper, an investment activity. The rewards correspond to the quality of the paper (which is higher if written on a full weekend day instead of Friday night). The costs correspond to the desirability of the sport event that is missed by writing the paper. They are: v= (12, 18, 18) c = (3,8, 13) a. What is the strategy for a time-consistent ( = 1)? When is the paper written and what is individual welfare? b. What is the strategy for a naif (with = 1/2)? When is the paper written and what is individual welfare? c. What is the strategy for a sophisticate (with = 1/2)? When is the paper written and what is individual welfare? Compare to the time-consistent.