An economic theory of self-control.
Abstract
The concept of self-control is incorporated in a theory of individual intertemporal choice by modeling the individual as an organization. The individual at a point in time is assumed to be both a farsighted planner and a myopic doer. The resulting conflict is seen to be fundamentally similar to the agency conflict between the owners and managers of a firm. Both individuals and firms use the same techniques to mitigate the problems which the conflicts create. This paper stresses the implications of this agency model and discusses as applications the effect of pensions on saving, saving and the timing of income flows, and individual discount rates.
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Self-control can also be hampered by situational factors, especially when the costs of indulging in temptation are blurred, and rational and slow decision making is prevented.
“self-control can also be hampered by situational factors, especially when the costs of indulging in temptation are blurred, and rational and slow decision making is prevented (Shefrin and Thaler, 1981; Fishbach and Zhang, 2008).”
From Motivational and Affective Factors Underlying Consumer Dropout and Transactional Success in eCommerce: An Overview (2020) · cites this paper as Shefrin and Thaler, 1981
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- Authors
- Thaler, R. H., & Shefrin, H. M.
- Affiliations
- National Bureau of Economic Research (US)
- Santa Clara University (US)
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1981-04
- Volume
- 89
- Issue
- 2
- Pages
- 392-406
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W1997680043
- Cited by
- 2,203
- References
- 0
- Citations by year
- 2026: 50 · 2025: 80 · 2024: 102 · 2023: 112 · 2022: 138 · 2021: 120 · 2020: 108 · 2019: 128 · 2018: 122 · 2017: 103 · 2016: 90 · 2015: 76 · 2014: 82 · 2013: 74 · 2012: 76
- FWCI
- 99.92
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Journal of Political Economy (publishedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Accounting › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Theory and Institutions
- Keywords
- self-control, intertemporal choice, agency theory, principal-agent problem, myopic behavior, pensions, savings
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