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Self-Esteem, Shame and Personal Motivation

Roberta Dessi and Xiaojian Zhao ()

No 8722, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Evidence from psychology suggests that overconfidence is more important in North America than in Japan. The pattern is reversed for shame, an emotion that appears to play a more important role among Japanese than North Americans. We develop a model that endogenizes these differences, building on a tradeoff between the benefits of encouraging self-improvement and the benefits of promoting initiative and new investments. Overconfidence and high sensitivity to shame emerge as substitute mechanisms to induce efficient decisions. We identify the key equilibrium costs as well as benefits of reliance on each mechanism, and the implications for welfare.

Keywords: cultural transmission; overconfidence; shame (search for similar items in EconPapers)
JEL-codes: D82 D83 Z13 (search for similar items in EconPapers)
Date: 2011-12
New Economics Papers: this item is included in nep-evo and nep-neu
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Working Paper: Self-Esteem, Shame and Personal Motivation (2013) Downloads
Working Paper: Self-Esteem, Shame and Personal Motivation (2013) Downloads
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