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Menu-Dependent Emotions and Self-Control

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  • Joaquin Gomez-Minambres

    (Economic Science Institute, Chapman University)

  • Eric Schniter

    ()
    (Economic Science Institute, Chapman University)

Abstract

We study a dynamic model of self-control where the history of one's decisions (understood as emotions) has influence on subsequent decision making. We propose that effort and regret are emotions produced by previous decisions to either resist or yield to temptation, respectively. When recalled, these emotions affect an individual's preferences, in turn affecting self-control decision at a particular point in time. Our model provides a unified explanation for several empirical regularities puzzling economists and cognitive scientists. We explain non-stationary consumption paths characterized by compensatory indulgence and restraint cycles, why the amplitude of consumption cycles increases with foresight and decreases with emotional memory, and, finally, we show how unavoidable options that might show up on one's menu influence choices, consequent emotions, consumption paths, and preferences for commitment.

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Bibliographic Info

Paper provided by Chapman University, Economic Science Institute in its series Working Papers with number 12-20.

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Length: 40 pages
Date of creation: 2012
Date of revision:
Handle: RePEc:chu:wpaper:12-20

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  1. Jawwad Noor & Norio Takeoka, 2011. "Menu-Dependent Self-Control," Boston University - Department of Economics - Working Papers Series WP2011-041, Boston University - Department of Economics.
  2. Kfir Eliaz & Ran Spiegler, 2006. "Contracting with Diversely Naive Agents," Review of Economic Studies, Oxford University Press, vol. 73(3), pages 689-714.
  3. Matt Shum & S Esteban & E Miyagawa, 2003. "Nonlinear Pricing with Self-Control Preferences," Economics Working Paper Archive 503, The Johns Hopkins University,Department of Economics.
  4. Faruk Gul & Wolfgang Pesendorfer, 2007. "Harmful Addiction," Review of Economic Studies, Oxford University Press, vol. 74(1), pages 147-172.
  5. Anirban Mukhopadhyay & Jaideep Sengupta & Suresh Ramanathan, 2008. "Recalling Past Temptations: An Information-Processing Perspective on the Dynamics of Self-Control," Journal of Consumer Research, University of Chicago Press, vol. 35(4), pages 586-599, 08.
  6. B. Douglas Bernheim & Antonio Rangel, 2004. "Addiction and Cue-Triggered Decision Processes," American Economic Review, American Economic Association, vol. 94(5), pages 1558-1590, December.
  7. Igor Kopylov, 2012. "Perfectionism and Choice," Econometrica, Econometric Society, vol. 80(5), pages 1819-1843, 09.
  8. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
  9. Laibson, David I., 2000. "A Cue-Theory of Consumption," Scholarly Articles 4481496, Harvard University Department of Economics.
  10. Dockner, Engelbert J & Feichtinger, Gustav, 1993. "Cyclical Consumption Patterns and Rational Addiction," American Economic Review, American Economic Association, vol. 83(1), pages 256-63, March.
  11. Iannaccone, Laurence R., 1986. "Addiction and satiation," Economics Letters, Elsevier, vol. 21(1), pages 95-99.
  12. Faruk Gul & Wolfgang Pesendorfer, 2001. "Temptation and Self-Control," Econometrica, Econometric Society, vol. 69(6), pages 1403-1435, November.
  13. Eddie Dekel & Barton Lipman & Aldo Rustichini, 2006. "Temptation–Driven Preferences," Discussion Papers 1423, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  14. Todd Sarver, 2008. "Anticipating Regret: Why Fewer Options May Be Better," Econometrica, Econometric Society, vol. 76(2), pages 263-305, 03.
  15. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August.
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Cited by:
  1. Eric Schniter & Roman M. Sheremeta & Timothy W. Shields, 2013. "Limitations to Signaling Trust with All or Nothing Investments," Working Papers 13-24, Chapman University, Economic Science Institute.
  2. Eric Schniter & Roman M. Sheremeta & Timothy W. Shields, 2013. "Conflicted Emotions Following Trust-based Interaction," Working Papers 13-28, Chapman University, Economic Science Institute.
  3. Eric Schniter & Timothy Shields, 2013. "Recalibrational Emotions and the Regulation of Trust-Based Behaviors," Working Papers 13-16, Chapman University, Economic Science Institute.

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