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The economics of possible selves

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  • Teraji, Shinji

Abstract

This article proposes an economic model of how intentional self-change occurs. People have an array of possible selves. The self-system is multifaceted and dynamic, with different self-representations activated at different times. Comparison between the actual self and the ideal self has important motivational consequences. The response to perceived discrepancy can be shaped toward desired behavioral change. However, self-verification is also an important factor in the individual's motivational system. Self-verification is expected to undermine intentional self-change. Individuals may have an inert area within which they do not attempt self-change. The inert area idea permits both optimal and sub-optimal economic outcomes within the same model.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics).

Volume (Year): 38 (2009)
Issue (Month): 1 (January)
Pages: 45-51

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Handle: RePEc:eee:soceco:v:38:y:2009:i:1:p:45-51

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Web page: http://www.elsevier.com/locate/inca/620175

Related research

Keywords: Possible selves Intentional self-change Inertia;

References

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  1. Roland BĂ©nabou & Jean Tirole, 2002. "Self-Confidence And Personal Motivation," The Quarterly Journal of Economics, MIT Press, vol. 117(3), pages 871-915, August.
  2. Samuel Bowles, 1998. "Endogenous Preferences: The Cultural Consequences of Markets and Other Economic Institutions," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 75-111, March.
  3. Teraji, Shinji, 2008. "Culture, effort variability, and hierarchy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 157-166, February.
  4. Bazin, Damien & Ballet, Jerome, 2006. "A basic model for multiple self," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(6), pages 1050-1060, December.
  5. Olivier Compte & Andrew Postlewaite, 2001. "Confidence-Enhanced Performance," PIER Working Paper Archive 04-023, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 May 2003.
  6. Teraji, Shinji, 2007. "Morale and the evolution of norms," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 36(1), pages 48-57, February.
  7. Lynne, Gary D., 2006. "Toward a dual motive metaeconomic theory," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(4), pages 634-651, August.
  8. Loewenstein, George, 1996. "Out of Control: Visceral Influences on Behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 65(3), pages 272-292, March.
  9. Moldoveanu, Mihnea & Stevenson, Howard, 2001. "The self as a problem: the intra-personal coordination of conflicting desires," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 30(4), pages 295-330.
  10. Altman, Morris, 2001. "Culture, human agency, and economic theory: culture as a determinant of material welfare," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 30(5), pages 379-391.
  11. John B. Davis, 2007. "Akerlof and Kranton on identity in economics: inverting the analysis," Cambridge Journal of Economics, Oxford University Press, vol. 31(3), pages 349-362, May.
  12. Levine, Daniel S., 2006. "Neural modeling of the dual motive theory of economics," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(4), pages 613-625, August.
  13. George A. Akerlof & Rachel E. Kranton, 2000. "Economics And Identity," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 715-753, August.
  14. Lea, Stephen E.G. & Webley, Paul, 2005. "In search of the economic self," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(5), pages 585-604, October.
  15. Daniel Kahneman, 2003. "Maps of Bounded Rationality: Psychology for Behavioral Economics," American Economic Review, American Economic Association, vol. 93(5), pages 1449-1475, December.
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Citations

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Cited by:
  1. Teraji, Shinji, 2009. "A model of corporate social performance: Social satisfaction and moral conduct," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(6), pages 926-934, December.
  2. Teraji, Shinji, 2011. "An economic analysis of social exclusion and inequality," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(3), pages 217-223, May.

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