Fudenberg, DrewLevine, David2009-07-222006Fudenberg, Drew, and David K. Levine. 2006. A dual-self model of impulse control. American Economic Review 96(5): 1449-1476.0002-8282http://nrs.harvard.edu/urn-3:HUL.InstRepos:3196335We 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.en-US10.1257/aer.96.5.1449