Control thyself: Self-control failure and household wealth

Nina Biljanovska and Spyros Palligkinis

No 69, SAFE Working Paper Series from Leibniz Institute for Financial Research SAFE

Abstract: We examine the relationship between household wealth and self-control. Although self-control has been linked to consumption and financial behavior, its measurement remains an open issue. We employ a definition of self-control failure that follows literature in psychology, suggesting that three factors can render self-control defective: lack of planning, lack of monitoring, and lack of commitment to pre-set plans. Our measure combines those three ingredients and can be computed using a standard representative survey. We find that self-control failure is strongly associated with different household net wealth measures and with self-assessed financial distress.

Keywords: Self-Control; Household Wealth; Household Finance (search for similar items in EconPapers)
JEL-codes: D01 D12 D14 (search for similar items in EconPapers)
Date: 2014
New Economics Papers: this item is included in nep-cbe and nep-neu
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Control thyself: Self-control failure and household wealth (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:safewp:69

DOI: 10.2139/ssrn.2509080

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