Doing It Now or Later (1996)

by Ted O'Donoghue, Matthew Rabin
Results 1 - 10 of 326

Time Discounting and Time Preference: A Critical Review

by Shane Frederick, George Loewenstein, Ted O'Donoghue - JOURNAL OF ECONOMIC LITERATURE , 2002
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Abstract - Cited by 813 (19 self) - Add to MetaCart
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Why have Americans become more obese

by David M. Cutler, Edward L. Glaeser, Jesse M. Shapiro, David Cutler, Edward Glaeser , 2002
"... We are grateful to Melissa Eccleston, Daniel Michalow, and Vladimir Novakovski, for research assistance, and to ..."
Abstract - Cited by 293 (9 self) - Add to MetaCart
We are grateful to Melissa Eccleston, Daniel Michalow, and Vladimir Novakovski, for research assistance, and to

Neuroeconomics: How Neuroscience Can Inform Economics

by Colin Camerer, George Loewenstein, Drazen Prelec, David Laibson, Read Montague, Charlie Plott, Matthew Rabin, Peter Shizgal - Journal of Economic Literature , 2005
"... Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn't it all a question of brain chemistry, signals going back and forth, electrical energy in the cortex? How do you know whether something is really what you want to do or just some ..."
Abstract - Cited by 209 (8 self) - Add to MetaCart
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn't it all a question of brain chemistry, signals going back and forth, electrical energy in the cortex? How do you know whether something is really what you want to do or just some kind of nerve impulse in the brain. Some minor little activity takes place somewhere in this unimportant place in one of the brain hemispheres and suddenly I want to go to Montana or I don't want to go to Montana. (White Noise, Don DeLillo)
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A dual-self model of impulse control

by Author(s) Drew Fudenberg, David K. Levine, Fudenberg, David K. Levine - American Economic Review
"... JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms ..."
Abstract - Cited by 178 (4 self) - Add to MetaCart
JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms

Is Addiction "Rational"? Theory and Evidence

by Jonathan Gruber, Botond Köszegi , 2000
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Abstract - Cited by 154 (6 self) - Add to MetaCart
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Choice and Procrastination

by Ted O'Donoghue , Matthew Rabin - QUARTERLY JOURNAL OF ECONOMICS , 1999
"... Recent models of procrastination due to self-control problems assume that a procrastinator considers just one option and is unaware of her self-control problems. We develop a model where a person chooses from a menu of options and is partially aware of her self-control problems. This menu model repl ..."
Abstract - Cited by 132 (3 self) - Add to MetaCart
Recent models of procrastination due to self-control problems assume that a procrastinator considers just one option and is unaware of her self-control problems. We develop a model where a person chooses from a menu of options and is partially aware of her self-control problems. This menu model replicates earlier results and generates new ones. A person might forego completing an attractive option because she plans to complete a more attractive but never-to-be-completed option. Hence, providing a non-procrastinator additional options can induce procrastination, and a person may procrastinate worse pursuing important goals than unimportant ones.

Behavioral Economics: Past, Present, Future

by Colin F. Camerer, George Loewenstein
"... Behavioral economics increases the explanatory power of economics by providing it with more realistic psychological foundations. This book consists of representative recent articles in behavioral economics. This chapter is intended to provide an introduction to the approach and methods of behavioral ..."
Abstract - Cited by 109 (3 self) - Add to MetaCart
Behavioral economics increases the explanatory power of economics by providing it with more realistic psychological foundations. This book consists of representative recent articles in behavioral economics. This chapter is intended to provide an introduction to the approach and methods of behavioral economics, and to some of its major findings, applications, and promising new directions. It also seeks to fill some unavoidable gaps in the chapters’ coverage of topics.
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Temptation and self-control

by Faruk Gul, Wolfgang Pesendorfer - Econometrica , 2001
"... We study a two-period model where ex ante inferior choice may tempt the decisionmaker in the second period. Individuals have preferences over sets of alternatives that represent second period choices. Our axioms yield a representation that identifies the individual’s commitment ranking, temptation r ..."
Abstract - Cited by 80 (2 self) - Add to MetaCart
We study a two-period model where ex ante inferior choice may tempt the decisionmaker in the second period. Individuals have preferences over sets of alternatives that represent second period choices. Our axioms yield a representation that identifies the individual’s commitment ranking, temptation ranking, and cost of self-control. An agent has a preference for commitment if she strictly prefers a subset of alternatives to the set itself. An agent has self-control if she resists temptation and chooses an option with higher ex ante utility. We introduce comparative measures of preference for commitment and self-control and relate them to our representations.

Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation,” 2002. Hebrew University mimeo

by M. Daniele Paserman
"... This paper estimates the structural parameters of a job search model with hyperbolic discounting and endogenous search effort. It estimates quantitatively the degree of hyperbolic discounting, and assesses its implications for the impact of various policy interventions aimed at reducing unemployment ..."
Abstract - Cited by 69 (1 self) - Add to MetaCart
This paper estimates the structural parameters of a job search model with hyperbolic discounting and endogenous search effort. It estimates quantitatively the degree of hyperbolic discounting, and assesses its implications for the impact of various policy interventions aimed at reducing unemployment. The model is estimated using data on unemployment spells and accepted wages from the National Longitudinal Survey of Youth (NLSY). The likelihood function explicitly incorporates all the restrictions implied by the optimal dynamic programming solution to the model. Both observed and unobserved heterogeneity are accounted for. A model with hyperbolic preferences substantially improves the fit of the data. The structural estimates are also used to evaluate alternative policy interventions for the unemployed. Estimates based on a model with exponential discounting may lead to biased inference on the economic impact of policies. (JEL: C6, C73, D90, J64 J68).

Self-Control and the Theory of Consumption’,

by Faruk Gul , Wolfgang Pesendorfer - Econometrica , 2004
"... Abstract We present a model of temptation and self-control for infinite horizon consumption problems under uncertainty. We identify a tractable class of preferences called Dynamic self-control (DSC) preferences. These preferences are recursive, separable, and describe agents who are tempted by imme ..."
Abstract - Cited by 66 (3 self) - Add to MetaCart
Abstract We present a model of temptation and self-control for infinite horizon consumption problems under uncertainty. We identify a tractable class of preferences called Dynamic self-control (DSC) preferences. These preferences are recursive, separable, and describe agents who are tempted by immediate consumption. We introduce measures comparing the preference for commitment and the self-control of DSC consumers and establish the following: In standard infinite-horizon economies equilibria exist but may be inefficient; in such equilibria, agents' steady state consumption is independent of their initial endowments and increasing in their self-control. In a representative agent economy, increasing the agents preference for commitment while keeping self-control constant increases the equity premium. Removing non-binding constraints may change equilibrium allocations and prices. Debt contracts with DSC agents can be sustained even if the only feasible punishment for default is the termination of the contract. † We thank Pierre-Olivier Gourinchas and Per Krusell for their suggestions and advice. We thank four anonymous referees and a co-editor for their comments.