Weakness Of Will
AbstractThe dominant view regards weakness of will an anomaly facing the standard theory of rationality. The paper argues the opposite: What is anomalous is that weakness of will is not pervasive enough. In a simple model, the paper shows that weakness of will is the dominant strategy in a game between current self and future self. This leads to the motivating question of the paper: Why is weakness of will is not pervasive???given that precommitment and punishment are not sufficiently pervasive to remedy the weakness of will? The paper argues that the answer lies in what Adam Smith calls the ???propriety??? mechanism: Humans demand self-respect and, hence, exercise self-command over appetites and emotions.
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Bibliographic InfoPaper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 06/06.
Length: 17 pages
Date of creation: 02 Apr 2006
Date of revision:
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Postal: Department of Economics, Monash University, Victoria 3800, Australia
Web page: http://www.buseco.monash.edu.au/eco/
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- D0 - Microeconomics - - General
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