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Self‐regulation through Goal Setting

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  • Alexander K. Koch
  • Julia Nafziger

Abstract

Goals are an important source of motivation. But little is known about why and how people set them. We address these questions in a model based on two stylized facts from psychology and behavioral economics: i) Goals serve as reference points for performance. ii) Present-biased preferences create self-control problems. We show how goals permit self-regulation, but also that they are painful self-disciplining devices. Greater self-control problems therefore lead to stronger self-regulation through goals only up to a certain point. For severely present-biased preferences, the required goal for self-regulation is too painful and the individual rather gives up.
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Suggested Citation

  • Alexander K. Koch & Julia Nafziger, 2011. "Self‐regulation through Goal Setting," Scandinavian Journal of Economics, Wiley Blackwell, vol. 113(1), pages 212-227, March.
    • Handle: RePEc:bla:scandj:v:113:y:2011:i:1:p:212-227
    DOI: j.1467-9442.2010.01641.x
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    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
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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