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Control, Cost, and Confidence:Perseverance and Procrastination in the Face of Failure

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  • Inga Deimen
  • Julia Wirtz

Abstract

We study effort provision and the development of control beliefs over time: a student is uncertain whether she has control over success through her effort or whether it is determined by her innate ability, which she also does not know. In each period, what she can learn about her control and her ability depends on the level of effort she exerts. We characterize the student’s optimal effort policy in this two-dimensional bandit problem, which may feature repeated switching of the effort level. Moreover, we analyze how control, cost, and confidence impact perseverance and procrastination in the face of failure. Finally, we relate our results to findings in educational psychology and discuss policies to foster perseverance and to lower procrastination.

Suggested Citation

  • Inga Deimen & Julia Wirtz, 2021. "Control, Cost, and Confidence:Perseverance and Procrastination in the Face of Failure," Bristol Economics Discussion Papers 21/738, School of Economics, University of Bristol, UK.
    • Handle: RePEc:bri:uobdis:21/738
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    More about this item

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education

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