管理者的行為及心理因素深刻影響著企業的投資決策，尤其是對於時間因素的衡量，對於短期中期長期投資的評價也會略有不同，時間偏好不一致的投資人會考慮到對未來不確定性以及投資在短期或長期的時間心理偏好，本篇提供時間偏好不一致特性基於學習曲線的投資實質選擇權評價，根據管理者對於時間偏好不一致特性建模，並考慮投資後學習曲線提升生產效率所帶來的正向效果，探討管理者是否會加速投資或遞延投資以及對投資略的變化。此篇對於時間偏好不一致是以雙曲折現的基礎上代替一般的指數折現對時間偏好不一致加以建模。然而在考慮了時間偏好一致、天真及老練的管理者，區分出各方的潛在關係並連結學習曲線效果後，更能解釋公司生產中規模經濟的意義。透過本篇模型可以發現，學習曲線加速了時間偏好不一致管理者的投資，也進而減緩違約時機，同時也發現學習效率在增加的過程中，對於投資觸發價格的影響會遞減。時間偏好不一致方面，天真的投資人受到學習曲線的影響最大，在全股權融資時，天真的投資人會更晚投資且更晚的放棄投資，在股債融資時，天真的投資人則會更早的啟動投資。

Entrepreneurial behavior and psychological factors significantly impact a company’s investment decisions, particularly in the context of changes in the entrepreneur’s preferences that can be further complicated by time-varying issues. Assessments of short-term, medium-term, and long-term investments may vary slightly as investors with a time-inconsistent preference consider uncertainties about the future and biases of such investments. This paper provides an analytically tractable framework of time-inconsistent preference based on the learning curve for real options valuation in investments. The study models the entrepreneur’s time preferences and considers the positive effects of increased production efficiency resulting from learning curve improvements after investment. It further explores whether managers accelerate or delay investments and how this affects investment strategies and then models time-inconsistent preference based on hyperbolic discounting instead of typical exponential discounting. Linking the learning curve effect and considering different types of entrepreneurs with time-inconsistent preferences that are naïve and sophisticated better explains the significance of economies of scale in company production. The model reveals that the learning curve accelerates investments by managers with a time-inconsistent preference and delays the time to default. Additionally, the learning curve shows that the influence of learning efficiency on investment trigger prices diminishes as learning speed increases. Regarding the time-inconsistent preference, naïve investors are most influenced by the learning curve. Under full equity financing, such investors delay their investments and abandon them later, while under equity and debt financing they activate their investments earlier.

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