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Procrastination on Long-Term Projects

Author

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  • O'Donoghue, Ted
  • Rabin, Matthew

Abstract

Previous papers on time-inconsistent procrastination assume projects are completed once begun. We develop a model in which a person chooses whether and when to complete each stage of a long-term project. In addition to procrastination in starting a project, a naive person might undertake costly effort to begin a project but then never complete it. When the costs of completing different stages are more unequal, procrastination is more likely, and it is when later stages are more costly that people start but don't finish projects. Moreover, if the structure of costs over the course of a project is endogenous, people are prone to choose cost structures that lead them to start but not finish projects. We also consider several extensions of the model that further illustrate how people may incur costs on projects they never complete.
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Suggested Citation

  • O'Donoghue, Ted & Rabin, Matthew, 2002. "Procrastination on Long-Term Projects," Department of Economics, Working Paper Series qt5jv059fq, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    • Handle: RePEc:cdl:econwp:qt5jv059fq
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    Cited by:

    1. Hsiao, Hsiao-Fen & Tang, Jinquan & Wen, Conghua, 2024. "Diversification's effect and manager experience on investment efficiency," Economic Analysis and Policy, Elsevier, vol. 81(C), pages 890-900.

    More about this item

    Keywords

    hyperbolic discounting; naivete; patial naivete; present-biased preferences; self control; sophistication; time inconsistency; Social and Behavioral Sciences;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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