Time-Inconsistent Preferences and Consumer Self-Control

Stephen J Hoch and George Loewenstein

Journal of Consumer Research, 1991, vol. 17, issue 4, 492-507

Abstract: Why do consumers sometimes act against their own better judgment, engaging in behavior that is often regretted after the fact and that would have been rejected with adequate forethought? More generally, how do consumers attempt to maintain self-control in the face of time-inconsistent preferences? This article addresses consumer impatience by developing a decision-theoretic model based on reference points. The model explains how and why consumers experience sudden increases in desire for a product, increases that can result in the temporary overriding of long-term preferences. Tactics that consumers use to control their own behavior are also discussed. Consumer self-control is framed as a struggle between two psychological forces, desire and willpower. Finally, two general classes of self-control strategies are described: those that directly reduce desire, and those that overcome desire through willpower. Copyright 1991 by the University of Chicago.

Date: 1991
References: Add references at CitEc
Citations: View citations in EconPapers (214)

Downloads: (external link)
http://dx.doi.org/10.1086/208573 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:jconrs:v:17:y:1991:i:4:p:492-507

Access Statistics for this article

Journal of Consumer Research is currently edited by Bernd Schmitt, June Cotte, Markus Giesler, Andrew Stephen and Stacy Wood

More articles in Journal of Consumer Research from Journal of Consumer Research Inc.
Bibliographic data for series maintained by ().