Timing and Self‐Control
AbstractThe dual self-model of self-control with one-period lived short-run selves is excessively sensitive to the timing of shocks and to the interpolation of additional Ã¢â¬ÅnoactionÃ¢â¬ time periods in between the dates when decisions are made. We show that when short-run selves have a random length of time this excess sensitivity goes away. We consider both linear and convex cost of self-control models, illustrating the theory through a series of examples. We examine when opportunities to consume will be avoided or delayed; we consider the way in which the marginal interest declines with delay, and we examine how preference Ã¢â¬ÅreversalsÃ¢â¬ depend on the timing of information. To accommodate the combination of short time periods and convex costs of self control we extend the model to treat willpower as a cognitive resource that is limited in the short run.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 80 (2012)
Issue (Month): 1 (01)
Other versions of this item:
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Friehe, Tim & Schildberg-Hörisch, Hannah, 2014.
"Crime and Self-Control Revisited: Disentangling the Effect of Self-Control on Risk and Social Preferences,"
IZA Discussion Papers
8109, Institute for the Study of Labor (IZA).
- Tim Friehe & Hannah Schildberg-Hörisch, 2014. "Crime and Self-Control Revisited: Disentangling the Effect of Self-Control on Risk and Social Preferences," CESifo Working Paper Series 4747, CESifo Group Munich.
- John C. Driscoll & Steinar Holden, 2014.
"Behavioral Economics and Macroeconomic Models,"
CESifo Working Paper Series
4785, CESifo Group Munich.
- Alexandrer Groves, 2013.
"Identifying What is Tempting,"
pgr489, Job Market Papers.
- Dag Sommervoll, 2013. "Sweet self-deception," Journal of Economics, Springer, vol. 109(1), pages 73-88, May.
- Drichoutis, Andreas & Nayga, Rodolfo, 2010.
"Eliciting risk and time preferences under induced mood states,"
25731, University Library of Munich, Germany.
- Drichoutis, Andreas C. & Nayga, Rodolfo M., 2013. "Eliciting risk and time preferences under induced mood states," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 45(C), pages 18-27.
- Drichoutis, Andreas & Nayga, Rodolfo, 2010. "Eliciting risk and time preferences under induced mood states," MPRA Paper 33013, University Library of Munich, Germany, revised 27 Aug 2011.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.