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A "Dual Self" Representation for Stochastic Temptation

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  • Kalyan Chatterjee
  • R. Vijay Krishna
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    Abstract

    We consider the following two-period problem of self-control. In the first period, an individual has to decide on the set of feasible choices from which she will select one in the second period. In the second period, the individual might choose an alternative that she would find inferior in the first period, an eventuality that need not occur with certainty. We propose a model for this problem and axioms for first-period preferences, in which the second-period choice could be interpreted as being made by an "alter ego" who appears randomly. We provide a discussion of the behavioral implications of our model as compared with existing theories. (JEL D11, D80)

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/mic.1.2.148
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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Journal: Microeconomics.

    Volume (Year): 1 (2009)
    Issue (Month): 2 (August)
    Pages: 148-67

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    Handle: RePEc:aea:aejmic:v:1:y:2009:i:2:p:148-67

    Note: DOI: 10.1257/mic.1.2.148
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    References

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    1. Kreps, David M, 1979. "A Representation Theorem for "Preference for Flexibility"," Econometrica, Econometric Society, vol. 47(3), pages 565-77, May.
    2. Dekel, Eddie, 1986. "An axiomatic characterization of preferences under uncertainty: Weakening the independence axiom," Journal of Economic Theory, Elsevier, vol. 40(2), pages 304-318, December.
    3. Matt Shum & S Esteban & E Miyagawa, 2003. "Nonlinear Pricing with Self-Control Preferences," Economics Working Paper Archive 503, The Johns Hopkins University,Department of Economics.
    4. Susanna Esteban & Eiichi Miyagawa, 2004. "Optimal menu of menus with self-control preferences," Discussion Papers 0405-11, Columbia University, Department of Economics.
    5. Schelling, Thomas C, 1978. "Egonomics, or the Art of Self-Management," American Economic Review, American Economic Association, vol. 68(2), pages 290-94, May.
    6. B. Douglas Bernheim & Antonio Rangel, 2004. "Addiction and Cue-Triggered Decision Processes," American Economic Review, American Economic Association, vol. 94(5), pages 1558-1590, December.
    7. Chatterjee, Kalyan & Krishna, R. Vijay, 2008. "A geometric approach to continuous expected utility," Economics Letters, Elsevier, vol. 98(1), pages 89-94, January.
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    Cited by:
    1. André Lapied & Thomas Rongiconi, 2013. "Ambiguity as a Source of Temptation: Modeling Unstable Beliefs," Working Papers halshs-00797631, HAL.
    2. S. Nageeb Ali, 2009. "Learning Self-Control," Levine's Working Paper Archive 814577000000000384, David K. Levine.

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