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Costly Self‐Control and Random Self‐Indulgence

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  • Eddie Dekel
  • Barton L. Lipman

Abstract

We study the random Strotz model, a version of the Strotz (1955) model with uncer- tainty about the nature of the temptation that will strike. We show that the random Strotz representation is unique and characterize a comparative notion of \more temp- tation averse." Also, we demonstrate an unexpected connection between the random Strotz model and a generalization of the Gul{Pesendorfer (GP) (2001) model of temp- tation which allows for the temptation to be uncertain and which we call random GP. In particular, a preference over menus has a random GP representation i it also has a representation via a random Strotz model with suciently smooth uncertainty about the intensity of temptation. We also show that choices of menus combined with choices from menus can distinguish the random GP and random Strotz models.

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Bibliographic Info

Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 80 (2012)
Issue (Month): 3 (05)
Pages: 1271-1302

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Handle: RePEc:ecm:emetrp:v:80:y:2012:i:3:p:1271-1302

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  1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, October.
  2. Higashi, Youichiro & Hyogo, Kazuya & Takeoka, Norio, 2009. "Subjective random discounting and intertemporal choice," Journal of Economic Theory, Elsevier, vol. 144(3), pages 1015-1053, May.
  3. repec:bla:restud:v:73:y:2006:i:3:p:689-714 is not listed on IDEAS
  4. Kfir Eliaz & Ran Spiegler, 2006. "Contracting with Diversely Naive Agents," Review of Economic Studies, Oxford University Press, vol. 73(3), pages 689-714.
  5. Thibault Gajdos & Takashi Hayashi & Jean-Marc Tallon & Jean-Christophe Vergnaud, 2006. "Attitude toward imprecise information," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00130179, HAL.
  6. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
  7. Todd Sarver, 2008. "Anticipating Regret: Why Fewer Options May Be Better," Econometrica, Econometric Society, vol. 76(2), pages 263-305, 03.
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Cited by:
  1. Stovall, John, 2014. "Temptation with Uncertain Normative Preferences," The Warwick Economics Research Paper Series (TWERPS) 1036, University of Warwick, Department of Economics.

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