Value computation and modulation: A neuroeconomic theory of self-control as constrained optimization

• 成果类型: Article
• 署名作者: Brocas, Isabelle; Carrillo, Juan D.
• 署名单位: University of Southern California; Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2021.105366
• 发表日期: 2021
• 关键词: Neuroeconomic theory; Multiple brain systems; self-control; Cue-triggered behavior; self-regulation

摘要

We develop a theory based on the evidence reported in Hare et al. (2009) to explain consumption of goods that feature a low-order attribute (e.g., taste) and a high-order attribute (e.g., health). One brain system with access to the low-order attribute computes the goal value of consumption while another brain system can modulate this value, at a cost, by transmitting information regarding the high-order attribute. We determine the optimal modulation and consumption strategy as a function of the cost of information transmission and the environment. We show that in healthy environments, modulation is used to signal surprisingly unhealthy goods so as to trigger abstinence when consumption would ordinarily occur. Conversely, in unhealthy environments, modulation is used to signal surprisingly healthy choices so as to trigger consumption when abstinence would ordinarily occur. From an outside perspective, individuals may appear to under-regulate their choices (self-indulgence) but also to over-regulate them (self-restraint). Both modulation and decisions are affected by factors orthogonal to the decision problem. In particular, taxing executive functions results in less modulation and more inefficient behavior. Finally, the model can shed light on issues related to eating disorders, present-biased preferences, habit formation and compulsive behavior. (c) 2021 Elsevier Inc. All rights reserved.