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Timing and Self‐Control

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  • Drew Fudenberg
  • David K. Levine

Abstract

The 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 “noaction†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 “reversals†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.

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Bibliographic Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 80 (2012)
Issue (Month): 1 (01)
Pages: 1-42

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Handle: RePEc:ecm:emetrp:v:80:y:2012:i:1:p:1-42

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Cited by:
  1. 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).
  2. John C. Driscoll & Steinar Holden, 2014. "Behavioral Economics and Macroeconomic Models," CESifo Working Paper Series 4785, CESifo Group Munich.
  3. Alexandrer Groves, 2013. "Identifying What is Tempting," 2013 Papers pgr489, Job Market Papers.
  4. Dag Sommervoll, 2013. "Sweet self-deception," Journal of Economics, Springer, vol. 109(1), pages 73-88, May.
  5. Drichoutis, Andreas & Nayga, Rodolfo, 2010. "Eliciting risk and time preferences under induced mood states," MPRA Paper 25731, University Library of Munich, Germany.

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