Self-Rewards and Personal Motivation
AbstractSelf-administered rewards are ubiquitous. They serve as incentives for personal accomplishments and are widely recommended to increase personal motivation. We show that in a model with time-inconsistent and reference-dependent preferences, self-rewards can be a credible and effective tool to overcome self-control problems. We also characterize the type of self-rewards that can be used, such as vice goods and virtue goods, and analyze which types of goods will be preferred by the individual.
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Bibliographic InfoPaper provided by School of Economics and Management, University of Aarhus in its series Economics Working Papers with number 2012-14.
Date of creation: 04 Jul 2012
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Quasi-hyperbolic discounting; reference-dependent preferences; loss aversion; self-control; self-rewards; goals;
Find related papers by JEL classification:
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-14 (All new papers)
- NEP-CBE-2012-07-14 (Cognitive & Behavioural Economics)
- NEP-EVO-2012-07-14 (Evolutionary Economics)
- NEP-EXP-2012-07-14 (Experimental Economics)
- NEP-HRM-2012-07-14 (Human Capital & Human Resource Management)
- NEP-MIC-2012-07-14 (Microeconomics)
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