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How much time-inconsistency is there and does it matter? Evidence on self-awareness, size, and effects

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  • Wong, Wei-Kang

Abstract

Using students' predicted and unpredicted delays in midterm preparation as measures of time-inconsistency and self-awareness, this paper shows that time-inconsistent behavior is associated with inferior class performance even after controlling for the actual time spent in preparation. Most students showed some time-inconsistency. Most were at least partially aware of their time-inconsistency. Despite full awareness, the sophisticates still under-performed in class relative to the time-consistent. Furthermore, they might still show over-confidence in their self-evaluation of future class performance. Those naive about future time-inconsistency also under-performed relative to the time-consistent.

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  • Wong, Wei-Kang, 2008. "How much time-inconsistency is there and does it matter? Evidence on self-awareness, size, and effects," Journal of Economic Behavior & Organization, Elsevier, vol. 68(3-4), pages 645-656, December.
    • Handle: RePEc:eee:jeborg:v:68:y:2008:i:3-4:p:645-656
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    9. Tien-Shih Hsieh & Jean C. Bedard & Karla M. Johnstone, 2014. "CEO Overconfidence and Earnings Management During Shifting Regulatory Regimes," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 41(9-10), pages 1243-1268, November.
    10. Berno Buechel & Lydia Mechtenberg & Julia Petersen, 2014. "Peer Effects and Students’ Self-Control," SFB 649 Discussion Papers SFB649DP2014-024, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
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    12. Buechel, Berno & Mechtenberg, Lydia & Petersen, Julia, 2014. "Peer Effects and Students’ Self-Control," MPRA Paper 53658, University Library of Munich, Germany.
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    17. Meyer, Seth A. & Pomplun, Jessica & Schill, Joshua, 2022. "Present bias in partially sophisticated and assisted agents," Mathematical Social Sciences, Elsevier, vol. 118(C), pages 36-47.
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    19. Onji, Kazuki, 2013. "Estimating the effects of procrastination on performance: A small sample study," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 44(C), pages 85-90.
    20. Takeshi Ojima, 2018. "General Equilibrium Dynamics with Naïve and Sophisticated Hyperbolic Consumers in an Overlapping Generations Economy," Economica, London School of Economics and Political Science, vol. 85(338), pages 281-304, April.
    21. Onji, Kazuki & Kikuchi, Rina, 2011. "Procrastination, prompts, and preferences: Evidence from daily records of self-directed learning activities," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(6), pages 929-941.
    22. Koch, Alexander & Nafziger, Julia & Nielsen, Helena Skyt, 2015. "Behavioral economics of education," Journal of Economic Behavior & Organization, Elsevier, vol. 115(C), pages 3-17.
    23. Roll, Stephen & Grinstein-Weiss, Michal & Gallagher, Emily & Cryder, Cynthia, 2020. "Can pre-commitment increase savings deposits? Evidence from a tax-time field experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 180(C), pages 357-380.
    24. Nicholls, Nicky, 2023. "Procrastination and grades: Can students be nudged towards better outcomes?," International Review of Economics Education, Elsevier, vol. 42(C).
    25. Lin, Chih-Yung & Chen, Yehning & Ho, Po-Hsin & Yen, Ju-Fang, 2020. "CEO overconfidence and bank loan contracting," Journal of Corporate Finance, Elsevier, vol. 64(C).

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