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Rush and Procrastination under Hyperbolic Discounting and Interdependent Activities

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  • Brocas, Isabelle
  • Carrillo, Juan D
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    Abstract

    We analyze the decision of individuals with time-inconsistent preferences to invest in projects yielding either current costs and future benefits or current benefits and future costs. We show that competition between agents for the same project mitigates the tendency to procrastinate on the first type of activities (i.e. to undertake them "too late") and to rush on the second one (i.e. to undertake them "too early"). Competition can therefore increase the expected welfare of each individual. On the contrary, complementarity of projects exacerbates the tendency to rush and to procrastinate and therefore it can decrease the expected welfare of each individual. Copyright 2001 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Risk and Uncertainty.

    Volume (Year): 22 (2001)
    Issue (Month): 2 (March)
    Pages: 141-64

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    Handle: RePEc:kap:jrisku:v:22:y:2001:i:2:p:141-64

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    Cited by:
    1. Brocas, Isabelle & Carrillo, Juan D., 2005. "A theory of haste," Journal of Economic Behavior & Organization, Elsevier, vol. 56(1), pages 1-23, January.
    2. Jianjun Miao, 2008. "Option exercise with temptation," Economic Theory, Springer, vol. 34(3), pages 473-501, March.
    3. Benabou, R. & Battaglini, M., 2001. "Self-Control in peer Groups," Papers 217, Princeton, Woodrow Wilson School - Public and International Affairs.
    4. Weinschenk, Philipp, 2012. "Increasing workload in a stochastic environment," Economics Letters, Elsevier, vol. 115(2), pages 286-288.
    5. Liam Delaney & Caroline Rawdon & Kevin Denny & Wen Zhang & Richard A.P. Roche, 2008. "Event-Related Potentials Reveal Differential Brain Regions Implicated in Discounting in Two Tasks," Working Papers 200811, Geary Institute, University College Dublin.
    6. Linardi, Sera & Tanaka, Tomomi, 2013. "Competition as a savings incentive: A field experiment at a homeless shelter," Journal of Economic Behavior & Organization, Elsevier, vol. 95(C), pages 240-251.
    7. Yang, Yang & Shoji, Isao & Kanehiro, Sumei, 2009. "Optimal dividend distribution policy from the perspective of the impatient and loss-averse investor," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 38(3), pages 534-540, June.
    8. Makarov, Uliana, 2011. "Networking or not working: A model of social procrastination from communication," Journal of Economic Behavior & Organization, Elsevier, vol. 80(3), pages 574-585.
    9. Carrillo, Juan D., 2005. "To be consumed with moderation," European Economic Review, Elsevier, vol. 49(1), pages 99-111, January.
    10. Asheim, Geir B., 2007. "Procrastination, partial naivete, and behavioral welfare analysis," Memorandum 02/2007, Oslo University, Department of Economics.
    11. Philipp Weinschenk, 2010. "Increasing Workload in a Stochastic Environment," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2010_43, Max Planck Institute for Research on Collective Goods.

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