Students of microeconomic principles often say they are going to study "tonight," because the only way to pass the exam is to study some every night. When "tonight" comes, some students choose to do something else. Come exam day, these students do not do well on their exam. This observation is an example of how people

Explanation:

The given observation clearly reveals how 'people remain inconsistent over time.' The behavioral economics discusses the concept of dynamic inconsistency which implies that 'there is change observed in the preference of the decision-maker across time which leads to the preference chosen at a specific time to be inconsistent at another moment of time.

The given example justifies this as the students plan something for tomorrow but when that tomorrow comes, their decision gets changed and they opt to do something else. As a consequence, the results associated with their previous planning(related to an event which is 'exam' in the example) gets affected by their inconsistency.

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explanation: