This Paper studies the internal commitment mechanisms or ‘personal rules’ (diets, exercise regimens, resolutions, moral or religious precepts, etc.) through which people seek to achieve self-control. Our theory is based on the idea of self-reputation over one’s willpower, which potentially transforms lapses in a personal rule into precedents that undermine future self-restraint. The foundation for such effects, in turn, is the imperfect recall of past motives and feelings, which leads people to draw inferences from their own past actions. We thus model the behaviour of individuals who are unsure of their willpower (ability to delay ratification) in certain states of the world, and show how self-control can be sustained by the fear of creating damaging precedents. We also show, however, that people will sometimes adopt excessively rigid rules that result in compulsive behaviours such as miserliness, workaholism, or anorexia. These represent costly forms of self-signaling where the individual is so afraid of appearing weak to himself that every decision becomes a test of his willpower, even when self-restraint is not even desirable ex-ante. Such common behaviours which appear to display a ‘salience of the future’ are thus not only consistent, but actually generated by (a concern over) present-oriented preferences. Finally, we analyse the cognitive underpinnings of self-regulation. We first show how equilibrium behaviour is shaped by the extent to which the individual’s self-monitoring is subject to opportunistic distortions of memory or attribution. We then study how recall and inference processes can themselves be endogenously determined through the use of self-sustaining cognitive rules and resolutions.
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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number
3143.
Benabou, R. & Tirole, J., 2001.
"Willpower and Personal Rules,"
Papers
216, Princeton, Woodrow Wilson School - Public and International Affairs.
Find related papers by JEL classification: A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General D60 - Microeconomics - - Welfare Economics - - - General D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
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Benabou, R. & Battaglini, M., 2001.
"Self-Control in peer Groups,"
Papers
217, Princeton, Woodrow Wilson School - Public and International Affairs.
Other versions:
Ted O'Donoghue & Matthew Rabin, 1999.
"Doing It Now or Later,"
American Economic Review,
American Economic Association, vol. 89(1), pages 103-124, March.
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Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
BATTAGLINI, Marco & BENABOU, Roland & TIROLE, Jean, 2003.
"Self-Control in Peer Groups,"
IDEI Working Papers
189, Institut d'Économie Industrielle (IDEI), Toulouse.
[Downloadable!]
Other versions:
Benabou, R. & Battaglini, M., 2001.
"Self-Control in peer Groups,"
Papers
217, Princeton, Woodrow Wilson School - Public and International Affairs.