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Beliefs as a Means of Self-Control? Evidence from a Dynamic Student Survey

Author

Listed:
  • Felix Bönisch
  • Tobias König
  • Sebastian Schweighofer-Kodritsch
  • Georg Weizsäcker

Abstract

We repeatedly elicit beliefs about the returns to study effort, in a large university course. A behavioral model of quasi-hyperbolic discounting and malleable beliefs predicts that the dynamics of beliefs mirrors the importance of exerting self-control, such that believed returns increase as the exam approaches, and drop post-exam. Exploiting variation in exam timing to control for common information shocks, we find this prediction confirmed: average believed study returns increase by about 20% over the period before the exam, and drop by about the same afterwards. Additional analyses further support the hypothesized mechanism that beliefs serve as a means of self-control.

Suggested Citation

  • Felix Bönisch & Tobias König & Sebastian Schweighofer-Kodritsch & Georg Weizsäcker, 2024. "Beliefs as a Means of Self-Control? Evidence from a Dynamic Student Survey," CESifo Working Paper Series 10984, CESifo.
    • Handle: RePEc:ces:ceswps:_10984
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    References listed on IDEAS

    as
    1. Markus M. Möbius & Muriel Niederle & Paul Niehaus & Tanya S. Rosenblat, 2022. "Managing Self-Confidence: Theory and Experimental Evidence," Management Science, INFORMS, vol. 68(11), pages 7793-7817, November.
    2. Akerlof, George A & Dickens, William T, 1982. "The Economic Consequences of Cognitive Dissonance," American Economic Review, American Economic Association, vol. 72(3), pages 307-319, June.
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    More about this item

    Keywords

    beliefs; present bias; self-control; effort; survey;
    All these keywords.

    JEL classification:

    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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