A Dual-Self Model of Impulse Control

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A Dual-Self Model of Impulse Control

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Title: A Dual-Self Model of Impulse Control
Author: Fudenberg, Drew; Levine, David

Note: Order does not necessarily reflect citation order of authors.

Citation: Fudenberg, Drew, and David K. Levine. 2006. A dual-self model of impulse control. American Economic Review 96(5): 1449-1476.
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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 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.
Published Version: http://dx.doi.org/10.1257/aer.96.5.1449
Other Sources: http://www.economics.harvard.edu/faculty/fudenberg/papers_fudenberg
Terms of Use: This article is made available under the terms and conditions applicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:3196335
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