Menu-Dependent Emotions and Self-Control

Joaquin Gomez-Minambres and Eric Schniter

Working Papers from Chapman University, Economic Science Institute

Abstract: We study a dynamic model of self-control where the history of one's decisions (understood as emotions) has influence on subsequent decision making. We propose that effort and regret are emotions produced by previous decisions to either resist or yield to temptation, respectively. When recalled, these emotions affect an individual's preferences, in turn affecting self-control decision at a particular point in time. Our model provides a unified explanation for several empirical regularities puzzling economists and cognitive scientists. We explain non-stationary consumption paths characterized by compensatory indulgence and restraint cycles, why the amplitude of consumption cycles increases with foresight and decreases with emotional memory, and, finally, we show how unavoidable options that might show up on one's menu influence choices, consequent emotions, consumption paths, and preferences for commitment.

Pages: 40 pages
Date: 2012
New Economics Papers: this item is included in nep-bec, nep-cbe, nep-evo, nep-exp, nep-hpe, nep-mic and nep-neu
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:chu:wpaper:12-20

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