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Dynamic inconsistency and self-control: a planner–doer interpretation. (English) Zbl 1158.91341

Summary: We show that F. Gul and W. Pesendorfer’s [Econometrica 69, No. 6, 1403–1435 (2001; Zbl 1019.91017)] representation result for preferences with temptation and self-control can be reexpressed in terms of a costly intrapersonal conflict between a Planner and Doer, as in Thaler and Shefrin [J. Political Econ. 89, 392 (1981)] and psychologists’ standard view of self-control problems.

MSC:

91B10 Group preferences

Citations:

Zbl 1019.91017
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References:

[1] Becker, G. S., Public policies, pressure groups and deadweight costs, Journal of Public Economics, 28, 3, 329-347 (1985)
[2] Esteban, J.; Ray, D., Conflict and distribution, Journal of Economic Theory, 87, 379-415 (1999) · Zbl 0960.91023
[3] Freud, S., The Ego and the Id (1927), Hogarth: Hogarth London
[4] Gul, F.; Pesendorfer, W., Dynamic inconsistency and self-control, Econometrica, 69, 6, 1403-1436 (2001)
[5] Gul, F.; Pesendorfer, W., Self-control and the Theory of Consumption (2000), Princeton University, Mimeo
[6] Thaler, R. H.; Shefrin, H. M., An economic theory of self-control, Journal of Political Economy, 89, 2, 392-406 (1981)
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