Self Control, Revealed Preferences and Consumption Choice
AbstractWe provide a time consistent model that addresses the preference reversals that motivate the time inconsistency literature. The model subsumes the behavior generated by the time-inconsistency approach in finite settings but, unlike the time-inconsistent models, allows for self-control. This paper provides a brief summary of theoretical results shown elsewhere (Gul and Pesendorfer (2001), (2002a), (2002b)) and contrasts the predictions and welfare implications of our model and the time-inconsistent beta-delta model. (Copyright: Elsevier)
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Bibliographic InfoArticle provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.
Volume (Year): 7 (2004)
Issue (Month): 2 (April)
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Postal: Review of Economic Dynamics Academic Press Editorial Office 525 "B" Street, Suite 1900 San Diego, CA 92101
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Other versions of this item:
- Faruk Gul & Wolfgang Pesendorfer, 2003. "Self-control, revealed preference and consumption choice," Levine's Working Paper Archive 506439000000000362, David K. Levine.
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