1. Many people fully intend to start exercising any one of these days. However,

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1. Many people fully intend to start exercising any one of these days. However,

1. Many people fully intend to start exercising any one of these days. However, when it comes down to it, they keep postponing the start date. Assume that two people, Hip and Hop, have the choice between the following two options: (A) exercising at time 1 (utility=0) and being healthy and happy at time 2 (utility=12); and (B) watching television at time 1 (utility=6) and being unhealthy and unhappy at time 2 (utility=0).
(a) Hip discounts the future exponentially. Her ∂=2/3. From the point of view of time 0: What is her utility of A? What is her utility of B? (4 points)
(b) From the point of view of time 1: What is her utility of A? What is her utility of B? (4 points)
(c) Hop discounts the future hyperbolically. His ß=1/3 and his ∂=1. From the point of view of time 0: What is his utility of A? What is his utility of B? (4 points)
(d) From the point of view of time 1: What is his utility of A? What is his utility of B? (4 points)
(e) Who is more likely to experience regret? (2.5 points)
(f) Who is more likely to end up healthy and happy? (2.5 points

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