On Habits and Addictions

Norman Brown and Paolo Vanini

Journal of Institutional and Theoretical Economics (JITE), 2003, vol. 159, issue 4, 603-626

Abstract: In an extension of the Becker-Murphy model of habitual behavior, it is assumed that a more excessive consumption history of a habitual good may triggera stronger impatience. This endogenization of time preferences allows an integrative analysis of addictive behavior (history-dependent time preferences) and habitual behavior (limit case of constant time preferences), which reproduces and refines results from other economic models. It also yields various new predictions, which rationalize results from recent experiments on habitual consumption or correspond to previously neglected findings from addiction research.

JEL-codes: C61 D81 D84 (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (2)

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