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How much time-inconsistency is there and does it matter? Evidence on self-awareness, size, and effects

Wei-Kang Wong ()

Journal of Economic Behavior & Organization, 2008, vol. 68, issue 3-4, 645-656

Abstract: Using students' predicted and unpredicted delays in midterm preparation as measures of time-inconsistency and self-awareness, this paper shows that time-inconsistent behavior is associated with inferior class performance even after controlling for the actual time spent in preparation. Most students showed some time-inconsistency. Most were at least partially aware of their time-inconsistency. Despite full awareness, the sophisticates still under-performed in class relative to the time-consistent. Furthermore, they might still show over-confidence in their self-evaluation of future class performance. Those naive about future time-inconsistency also under-performed relative to the time-consistent.

Keywords: Time-inconsistency; Self-awareness; Present-biased; preferences; Procrastination (search for similar items in EconPapers)
Date: 2008
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Journal of Economic Behavior & Organization is currently edited by Houser, D. and Puzzello, D.

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Handle: RePEc:eee:jeborg:v:68:y:2008:i:3-4:p:645-656