WEAKNESS OF WILL

Elias Khalil ()

No 06/06, Monash Economics Working Papers from Monash University, Department of Economics

Abstract: The dominant view regards weakness of will an anomaly facing the standard theory of rationality. The paper argues the opposite: What is anomalous is that weakness of will is not pervasive enough. In a simple model, the paper shows that weakness of will is the dominant strategy in a game between current self and future self. This leads to the motivating question of the paper: Why is weakness of will is not pervasive???given that precommitment and punishment are not sufficiently pervasive to remedy the weakness of will? The paper argues that the answer lies in what Adam Smith calls the ???propriety??? mechanism: Humans demand self-respect and, hence, exercise self-command over appetites and emotions.

Keywords: property of others (justice); property of future self (prudence); decision-action gap (weakness of will); mechanisms (precommitment and propriety); trust; appetites and emotions; libertarian paternalism. (search for similar items in EconPapers)
JEL-codes: D0 (search for similar items in EconPapers)
Pages: 17 pages
Date: 2006-04-02
New Economics Papers: this item is included in nep-hpe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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