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Switch to: References
Citations of:
An economic theory of self-control
Journal of Political Economy 89 (2):392–406 (1981)
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We propose a theoretical model to explain the usage of time-inconsistent behavior as a strategy to exploit others when reputation and trust have secondary effects on the economic outcome. We consider two agents with time-consistent preferences exploiting common resources. Supposing that an agent is believed to have time-inconsistent preferences with probability p, we analyze whether she uses this misinformation when she has the opportunity to use it. Using the model originally provided by Levhari and Mirman (Bell J Econ 11(1):322–334, 1980), (...) |
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In a published debate between Law and Economics avatar Judge Richard Posner and Professor Robin Malloy entitled ‘Is Law and Economics Moral?’, Malloy argued that the dominant methodology of Law and Economics is immoral. Malloy likened it to the Frankenstein Monster – an unholy, undead abomination that can go berserk despite its ostensibly benign provenience. Malloy claimed that wealth maximization applied to social discourse ‘reduces people to an human existence to imaginary variables for calculation’. |
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Philosophers, psychologists, and economists have reached the consensus that one can use two different kinds of regulation to achieve self-control. Synchronic regulation uses willpower to resist current temptation. Diachronic regulation implements a plan to avoid future temptation. Yet this consensus may rest on contaminated intuitions. Specifically, agents typically use willpower (synchronic regulation) to achieve their plans to avoid temptation (diachronic regulation). So even if cases of diachronic regulation seem to involve self-control, this may be because they are contaminated by synchronic (...) |
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The purpose of this study is to explore the influence of consumers’ choice deferral behavior on their intertemporal choice preference. The empirical study shows that consumers’ choice deferral behavior can significantly affect their intertemporal decision preference through the level of hopefulness. Compared with non-choice deferral behavior, choice deferral behavior can improve the level of consumers’ sense of hopefulness, which then makes them prefer larger-longer interests in intertemporal decision-making. The effect of consumers’ sense of hopefulness on their intertemporal choice preference is (...) |
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ABSTRACTNew trends in behavioral decision research see researchers attempting to integrate multiple-self models of behavioral economics with dual-process and dual-system theories of cognitive psych... |
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According to group-agent realism, treating groups as agents with their own intentional states, irreducible to those of the group members, helps us explain and predict the groups’ behavior. This paper challenges this view. When groups judge logically interconnected propositions, group members often have incentives to misrepresent their beliefs of propositions they care less about in order to increase the probability of their groups adopting their view of propositions they consider more important. Aggregating such untruthful judgments may lead to the group (...) |
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In what they call their “manual of the sanities”—a positive psychology handbook describing contemporary research on strengths of character—Christopher Peterson and Martin Seligman argue that “there is no true disadvantage of having too much self-control.” This claim is widely endorsed in the research literature. I argue that it is false. My argument proceeds in three parts. First, I identify conceptual confusion in the definition of self-control, specifically as it pertains to the claim that you cannot be too self-controlled. Second, I (...) |
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Despite their popularity, dual process accounts of human reasoning and decision-making have come under intense scrutiny in recent years. Cognitive scientists and philosophers alike have come to question the theoretical foundations of the ‘standard view’ of dual process theory and have challenged the validity and relevance of evidence in support of it. Moreover, attempts to modify and refine dual process theory in light of these challenges have generated additional concerns about its applicability and refutability as a scientific theory. With these (...) |
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Although dual-process or divided-mind models of self-control dominate the literature, they suffer from empirical and conceptual challenges. We propose an alternative approach, suggesting that self-control can be characterized by a fragmented part versus integrated whole dynamic. Whereas responses to events derived from fragmented parts of the mind undermine self-control, responses to events derived from integrated wholes enhance self-control. We review empirical evidence from psychology and related disciplines that support this model. We, moreover, discuss the implications of this work for psychology, (...) |
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Maximization theory, which is borrowed from economics, provides techniques for predicing the behavior of animals - including humans. A theoretical behavioral space is constructed in which each point represents a given combination of various behavioral alternatives. With two alternatives - behavior A and behavior B - each point within the space represents a certain amount of time spent performing behavior A and a certain amount of time spent performing behavior B. A particular environmental situation can be described as a constraint (...) |
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The nudge approach seeks to improve people’s decisions through small changes in their choice environments. Nudge policies often work through psychological mechanisms that deviate from traditional notions of rationality. Because of that, some critics object that nudging treats people as irrational. Such treatment might be disrespectful in itself and might crowd out more empowering policies. I defend nudging against these objections. By defending a nonstandard, ecological model of rationality, I argue that nudging not only is compatible with rational agency but (...) |
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Consumers have shown increasing interest in products that reflect social and environmental concerns—so-called “sustainable products.” Although consumers typically view sustainability positively, the ethical attributes of products do not always drive their preferences, which implies a trade-off between ethical attributes and other valued attributes. In the current research, we examine how consumers implicitly judge products and services that are more or less congruent with social and environmental concerns and how incongruity between ethical claims and a product’s nature may influence consumers to (...) |
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Canonical economic agents act so as to maximize a single, representative, utility function. However, there is accumulating evidence that heterogeneity in thought processes may be an important determinant of individual behavior. This paper investigates the implications of a vector-valued generalization of the Expected Utility paradigm, which permits agents either to deliberate as per Homo economics, or to act impulsively. This generalized decision theory is applied to explain the crowding-out effect, irrational educational investment decisions, persistent social inequalities, the pervasive influence of (...) |
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In this paper, we analyze an intra-personal game where a decision-maker is summarized by a succession of selves. Selves may (or may not) have conflicting interests, and earlier selves may have imperfect knowledge of the preferences of future selves. At date 1, self-1 chooses a menu, at date 2, the preferences of self-2 realize and self-2 chooses an item from the menu. We show that equilibrium choice is consistent with either a preference for flexibility, a preference for betweenness or a (...) |
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Imposing “sin” taxes has been the preferred way governments tried to discourage the over-consumption of temptation goods for decades. However numerous evidence shows that consumers exhibit behavioral biases which can affect their reaction to taxes. This paper investigates a potential bias and how it affects demand for temptation: financial worries associated with poverty have been shown to shift attention towards pressing needs, often at the expense of forward-looking decisions. In an online experiment with UK participants, we randomly induce financial worries (...) |
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This paper explores the extent to which behavioral public policies can be both efficient and democratic by reflecting on the conditions under which individuals could rationally consent to them. Consent refers to a moral requirement that a behavioral public policy should respect what I call a person’s value autonomy and conception of the good. Behavioral public policies can take many forms. Based on a social choice framework, I argue that fully paternalistic and prudential behavioral public policies are unlikely to trigger (...) |
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