Deadlines and Distractions
We analyze the effect of deadlines on timing of effort when agents are occasionaly distracted. We show that agents precautiously work early when completion of the task is uncertain, but rather likely. Agents who are rarely distracted will always postpone effort since the risk of not completing is small. As a result, increasing the probability of being distracted may even increase the likelihood of meeting the deadline. We further show that introducing the possibility of having the deadline extended may improve the total probability of completing the task without reducing the probability of completing within the originally announced deadline.
|Date of creation:||13 Apr 2004|
|Date of revision:||01 Jul 2004|
|Contact details of provider:|| Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden|
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- Toxvaerd, Flavio, 2006.
"Time of the essence,"
Journal of Economic Theory,
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- Flavio Toxvaerd, 2003. "A Theory of Optimal Deadlines," Discussion Paper Series dp357, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
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- Fischer, Carolyn, 1999. "Read This Paper Even Later: Procrastination with Time-Inconsistent Preferences," Discussion Papers dp-99-20, Resources For the Future.
- Sjögren, Anna & Saez-Marti, Maria, 2004. "On the Timing of Education," Working Paper Series 614, Research Institute of Industrial Economics. Full references (including those not matched with items on IDEAS)