The Behavioral Economics of Intrapersonal Conflict: A Critical Assessment

Sebastian Kr\"ugel and Matthias Uhl

Papers from arXiv.org

Abstract: Preferences often change -- even in short time intervals -- due to either the mere passage of time (present-biased preferences) or changes in environmental conditions (state-dependent preferences). On the basis of the empirical findings in the context of state-dependent preferences, we critically discuss the Aristotelian view of unitary decision makers in economics and urge a more Heraclitean perspective on human decision-making. We illustrate that the conceptualization of preferences as present-biased or state-dependent has very different normative implications under the Aristotelian view, although both concepts are empirically hard to distinguish. This is highly problematic, as it renders almost any paternalistic intervention justifiable.

Date: 2021-01
New Economics Papers: this item is included in nep-cwa and nep-hpe
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