A dual-self model of impulse control

• 成果类型: Article
• 署名作者: Fudenberg, Drew; Levine, David K.
• 署名单位: Harvard University; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.96.5.1449
• 发表日期: 2006
• 页码: 1449-1476
• 关键词: time preference; inconsistency; depletion; mind

摘要

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 quasi-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 quasi-hyperbolic utility, and it explains experimental evidence that increased cognitive load makes temptations harder to resist. The base version of our model is consistent with the Gul-Pesendorfer axioms, but we argue that these axioms must be relaxed to account, for the effect of cognitive load.