Timing and Self-Control

• 成果类型: Article; Proceedings Paper
• 署名作者: Fudenberg, Drew; Levine, David K.
• 署名单位: Harvard University; Washington University (WUSTL)
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA9655
• 发表日期: 2012
• 页码: 1-42
• 关键词: Temptation; time; uncertainty; depletion; RISK

摘要

The standard dual-self model of self-control, with a shorter-run self who cares only about the current period, is excessively sensitive to the timing of decisions and to the interpolation of additional no-action time periods in between the dates when decisions are made. We show that when the shorter-run self is not completely myopic, this excess sensitivity goes away. To accommodate the combination of short time periods and convex costs of self-control, we introduce a cognitive resource variable that tracks how the control cost depends on the self-control that has been used in the recent past. We consider models with both linear and convex control costs, illustrating the theory through a series of examples. We examine when opportunities to consume will be avoided or delayed, and we consider the way in which the marginal interest declines with delay.