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Procrastination, partial naivete, and behavioral welfare analysis

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Author Info
Asheim, Geir B. () (Dept. of Economics, University of Oslo)

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Abstract

This paper has a dual purpose. First, I present a new modeling of partial naivete, and apply this to the analysis of procrastination. The decision maker is assumed to have stationary behavior and to be partially naive in the sense of perceiving that his current preferences may persist in the future. The behavioral implications of such partial naivete differ from those of related literature. Second, I suggest a general principle for welfare analysis in multi-self settings through a new application of Pareto-dominance, which is motivated by the existence of time-inconsistency and coincides with dominance relations used elsewhere in game theory. In the case of procrastination, it leads to a clear welfare conclusion: Being partially naive reduces welfare.

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File URL: http://www.oekonomi.uio.no/memo/memopdf/memo0207.pdf
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Publisher Info
Paper provided by Oslo University, Department of Economics in its series Memorandum with number 02/2007.

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Length: 26 pages
Date of creation: 01 Feb 2007
Date of revision:
Handle: RePEc:hhs:osloec:2007_002

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Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
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Web page: http://www.oekonomi.uio.no/indexe.html
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Related research
Keywords: Procrastination; partial naivete; time-inconsistency; game theory; behavioral welfare economics;

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Find related papers by JEL classification:
C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
D60 - Microeconomics - - Welfare Economics - - - General
D74 - Microeconomics - - Analysis of Collective Decision-Making - - - Conflict; Conflict Resolution; Alliances
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

References listed on IDEAS
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.:

  1. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
  2. Ted O'Donoghue & Matthew Rabin, 1999. "Doing It Now or Later," American Economic Review, American Economic Association, vol. 89(1), pages 103-124, March. [Downloadable!] (restricted)
  3. Ted O'Donoghue & Matthew Rabin, 2001. "Choice And Procrastination," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 121-160, February. [Downloadable!] (restricted)
  4. Goldman, Steven Marc, 1979. "Intertemporally Inconsistent Preferences and the Rate of Consumption," Econometrica, Econometric Society, vol. 47(3), pages 621-26, May. [Downloadable!] (restricted)
  5. Farrell, Joseph & Maskin, Eric, 1989. "Renegotiation in repeated games," Games and Economic Behavior, Elsevier, vol. 1(4), pages 327-360, December. [Downloadable!] (restricted)
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  6. Brocas, Isabelle & Carrillo, Juan D, 2001. " Rush and Procrastination under Hyperbolic Discounting and Interdependent Activities," Journal of Risk and Uncertainty, Springer, vol. 22(2), pages 141-64, March. [Downloadable!] (restricted)
  7. Fischer, Carolyn, 1999. "Read This Paper Even Later: Procrastination with Time-Inconsistent Preferences," Discussion Papers dp-99-20, Resources For the Future. [Downloadable!]
  8. Ted O' Donoghue & Matthew Rabin, 2001. "Choice and Procrastination," Microeconomics 0012002, EconWPA. [Downloadable!]
  9. Asheim, Geir B, 1997. "Individual and Collective Time-Consistency," Review of Economic Studies, Blackwell Publishing, vol. 64(3), pages 427-43, July. [Downloadable!] (restricted)
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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.)

  1. B. Douglas Bernheim, 2008. "Behavioral Welfare Economics," NBER Working Papers 14622, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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