A Dual Self Model of Impulse Control
Preprint
- 1 March 2006
- preprint
- Published by Elsevier in SSRN Electronic Journal
Abstract
We propose that a simple 'dual-self' model gives a unified explanation for several empirical regularities, including the apparent time-inconsistency that has motivated models of hyperbolic discounting and Rabin's paradox of risk aversion in the large and small. The model also implies that self-control costs imply excess delay, as in the O'Donoghue and Rabin models of hyperbolic utility, and it explains experimental evidence that increased cognitive load makes temptations harder to resist. Finally, the reduced form of the base version of our model is consistent with the Gul-Pesendorfer axions.Keywords
All Related Versions
This publication has 42 references indexed in Scilit:
- Temptation-Driven PreferencesThe Review of Economic Studies, 2009
- The Brain as a Hierarchical OrganizationSSRN Electronic Journal, 2006
- Modeling internal commitment mechanisms and self-control: A neuroeconomics approach to consumption–saving decisionsGames and Economic Behavior, 2005
- Overestimating Self_Control: Evidence from the Health Club IndustryPublished by National Bureau of Economic Research ,2004
- Willpower and Personal RulesJournal of Political Economy, 2004
- Contract Design and Self-Control: Theory and EvidenceThe Quarterly Journal of Economics, 2004
- Learning to play Bayesian gamesGames and Economic Behavior, 2004
- Dynamic inconsistency and self-control: a planner–doer interpretationEconomics Letters, 2002
- Representing Preferences with a Unique Subjective State SpaceEconometrica, 2001
- On the robustness of equilibrium refinementsJournal of Economic Theory, 1988