A Dual Self Model of Impulse Control

Drew Fudenberg and David Levine

No 2049, Harvard Institute of Economic Research Working Papers from Harvard - Institute of Economic Research

Abstract: We propose that a simple “dual-self” model gives a unified explanation for several empirical regularities, including the apparent time-inconsistency that has motivated models of hyperbolic discounting and Rabin’s paradox of risk aversion in the large and small. The model also implies that self-control costs imply excess delay, as in the O’Donoghue and Rabin models of hyperbolic utility, and it explains experimental evidence that increased cognitive load makes temptations harder to resist. Finally, the reduced form of the base version of our model is consistent with the Gul-Pesendorfer axioms.

Date: 2004
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Related works:
Journal Article: A Dual-Self Model of Impulse Control (2006)
Working Paper: A Dual Self Model of Impulse Control (2006)
Working Paper: A Dual-Self Model of Impulse Control (2006)
Working Paper: A Dual Self Model of Impulse Control (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:harver:2049

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