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Procrastination, partial naivete, and behavioral welfare analysis

  • Asheim, Geir B.

    ()

    (Dept. of Economics, University of Oslo)

This paper has a dual purpose. First, I present a new modeling of partial naivete, and apply this to the analysis of procrastination. The decision maker is assumed to have stationary behavior and to be partially naive in the sense of perceiving that his current preferences may persist in the future. The behavioral implications of such partial naivete differ from those of related literature. Second, I suggest a general principle for welfare analysis in multi-self settings through a new application of Pareto-dominance, which is motivated by the existence of time-inconsistency and coincides with dominance relations used elsewhere in game theory. In the case of procrastination, it leads to a clear welfare conclusion: Being partially naive reduces welfare.

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File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2007/Memo-02-2007.pdf
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Paper provided by Oslo University, Department of Economics in its series Memorandum with number 02/2007.

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Length: 26 pages
Date of creation: 01 Feb 2007
Date of revision:
Handle: RePEc:hhs:osloec:2007_002
Contact details of provider: Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Web page: http://www.oekonomi.uio.no/indexe.html
Email:


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  1. Ted O' Donoghue & Matthew Rabin, 2001. "Choice and Procrastination," Microeconomics 0012002, EconWPA.
  2. Ted O'Donoghue & Matthew Rabin, 1996. "Doing It Now or Later," Discussion Papers 1172, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. B. Douglas Bernheim & Antonio Rangel, 2005. "Behavioral Public Economics: Welfare and Policy Analysis with Non-Standard Decision-Makers," Discussion Papers 04-033, Stanford Institute for Economic Policy Research.
  4. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  5. Asheim, G.B., 1996. "Individual and Collective Time-Consistency," Memorandum 20/1996, Oslo University, Department of Economics.
  6. Joseph Farrell and Eric Maskin., 1987. "Renegotiation in Repeated Games," Economics Working Papers 8759, University of California at Berkeley.
  7. Goldman, Steven Marc, 1979. "Intertemporally Inconsistent Preferences and the Rate of Consumption," Econometrica, Econometric Society, vol. 47(3), pages 621-26, May.
  8. Faruk Gul & Wolfgang Pesendorfer, 2004. "Self-Control and the Theory of Consumption," Econometrica, Econometric Society, vol. 72(1), pages 119-158, 01.
  9. Fischer, Carolyn, 1999. "Read This Paper Even Later: Procrastination with Time-Inconsistent Preferences," Discussion Papers dp-99-20, Resources For the Future.
  10. Faruk Gul & Wolfgang Pesendorfer, 2005. "The Case for Mindless Economics," Levine's Working Paper Archive 784828000000000581, David K. Levine.
  11. Brocas, Isabelle & Carrillo, Juan D, 2001. " Rush and Procrastination under Hyperbolic Discounting and Interdependent Activities," Journal of Risk and Uncertainty, Springer, vol. 22(2), pages 141-64, March.
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