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Present-Bias, Procrastination and Deadlines in a Field Experiment

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  • Alberto Bisin
  • Kyle Hyndman

Abstract

We study procrastination in the context of a field experiment involving students who must exert costly effort to complete certain tasks by a fixed deadline. Descriptively, we document a strong demand for commitment, in the form of self-imposed deadlines, which appear to be associated with students' self-reported psychological characteristics and cost of time. We structurally estimate students' present-bias and cost of time by fitting the experimental data to a stylized stopping time choice model. We find that present-bias is relatively widespread but that having multiple repeated tasks appears to activate effective internal self-control mechanisms. Finally, we also document an important form of partial naïveté on the part of students in anticipating their ability to self-control when setting deadlines.

Suggested Citation

  • Alberto Bisin & Kyle Hyndman, 2014. "Present-Bias, Procrastination and Deadlines in a Field Experiment," NBER Working Papers 19874, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:19874
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    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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