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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 (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
Citations
Cites
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Strotz, R. H. (1955) · The Review of Economic Studies · doi:10.2307/2295722 · Cited by 2,834
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Ainslie, G. (1975) · Psychological Bulletin · doi:10.1037/h0076860 · Cited by 2,708
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“An example is his earlier work on Christmas clubs, which provide zero-interest saving accounts which cannot be accessed before Christmas, and which enable presentbiased people to better save for Christmas (Thaler & Shefrin, 1981).”
BackgroundDeprivation Has Inconsistent Effects on Delay Discounting: A Review
Downey, H., Haynes, J. M., Johnson, H. M., & Odum, A. L. (2022) · Frontiers in Behavioral Neuroscience · doi:10.3389/fnbeh.2022.787322 · Cited by 16
“, 2002) while others refer to a myopic “doer” and a farsighted “planner” (Thaler and Shefrin, 1981).”
BackgroundTruc, A. (2021) · Journal of Economic Methodology · doi:10.1080/1350178x.2021.2011374 · Cited by 30
“Second, the Intertemporal Choice cluster emerged rapidly in the mid-1990s with Thaler and Shefrin (1981) has one of the earliest highly cited articles, and Strotz (1955) and Ainslie (1975) as two of the most cited pre-1980s references.”
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“…puts forward a few behavioral explanations: disposition effect (Barbaeris & Xiong, 2009), the prospect theory (Kahneman & Tversky, 1979, 1984), and the mental accounting (Thaler, 1983; 1999), the theory of ambiguity aversion (Ellsberg, 1961), and that of self-control (Thaler & Shefrin, 1981).”
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“Once this history is taken into account, the work of Richard Thaler, one of the key architects of nudge, becomes much more comprehensible as making another important set of incremental adjustments to decisionmaking models, such as over time-inconsistent preferences (Thaler & Shefrin, 1981).”
MethodAn analysis of intertemporal inconsistency through the hyperbolic factor
Ventre, V., Rambaud, S. C., Martino, R., & Maturo, F. (2022) · Quality & Quantity · doi:10.1007/s11135-022-01352-6 · Cited by 13
“…time s + h: However, as far as agent A is concerned, since the exponential discount provides that alternatives are always perceived in the same way (Thaler and Shefrin 1981), one has: By applying the definition of the Discounted Utility model, one has: DI(t) = − [lnF(t)]�� [lnF(t)]� = −[ln (t)]�.”
MethodPushing Notifications as Dynamic Information Design
Iyer, G., & Zhong, Z.-M. (2021) · Marketing science (Providence, R.I.) · doi:10.1287/mksc.2021.1305 · Cited by 12
“To capture the self-control problem in information consumption in a parsimonious manner, we extend the basic model by adopting a dual-self framework (e.g. Thaler and Shefrin, 1981; Fudenberg and Levine, 2006).”
MethodMahmoodi, J., Patel, M. K., & Brosch, T. (2021) · Journal of Environmental Psychology · doi:10.1016/j.jenvp.2021.101625 · Cited by 15
Increasing saving intentions through leaderboards: A gamification approach
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“Psychologically, the difficulty of resisting temptations is one of the most important explanations for why humans have problems saving [19, 20].”
BackgroundMind the App: Mobile Access to Financial Information and Consumer Behavior
Levi, Y., & Benartzi, S. (2020) · Social Science Research Network · doi:10.2139/ssrn.3557689 · Cited by 12
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“These represent two energy systems within the same individual that have some degree of independence from each other (Thaler, 2016; Thaler & Shefrin, 1981).”
BackgroundDecisional Conflict Predicts Impatience
Stillman, P. E., & Ferguson, M. J. (2018) · Journal of the Association for Consumer Research · doi:10.1086/700842 · Cited by 14
“…of self-control decisions—and the effect of conflict on decision making according to many theories of self-control (Thaler and Shefrin 1981; Trope and Fishbach 2000; Stroebe et al. 2008; Hofmann, Friese, and Strack 2009; Kotabe and Hofmann 2015)—most research investigating conflict in…”
BackgroundSelf-Control and Overcontrol: Conceptual, Ethical, and Ideological Issues in Positive Psychology
Brownstein, M. (2018) · Review of Philosophy and Psychology · doi:10.1007/s13164-018-0390-7 · Cited by 13
Stamos, A., Bruyneel, S., Rock, B. D., Cherchye, L., & Dewitte, S. (2018) · doi:10.1037/npe0000075 · Cited by 12
“According to the traditional economic point of view (Thaler & Shefrin, 1981), a person consists of two inner selves, a planner (cognition) and a doer (intuition), at any point in time.”
BackgroundChildren's Theories of the Self
Starmans, C. (2017) · Child Development · doi:10.1111/cdev.12951 · Cited by 15
“Many theorists have argued that this is because adults are thinking of their future selves—the person who will be receiving the money in several months—as someone other than themselves (e.g., Ainslie, 1975; Metcalfe & Mischel, 1999; Thaler & Shefrin, 1981).”
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“Also, the context might matter with consumers, depending on their mood and circumstances, sometimes having the discipline to control their consumption levels and at other times susceptible to attractive price deals enticing them to consume higher levels (Thaler & Shefrin, 1981).”
BackgroundTime Discounting in Strategic Contests
Deck, C., & Jahedi, S. (2015) · Journal of Economics & Management Strategy · doi:10.1111/jems.12082 · Cited by 12
“Recent research suggests that revealed discount rates are a result of multiple systems in the brain interacting with one another (Shefrin and Thaler 1981, Bernheim and Rangel 2004, O’Donoghue and Loewenstein 2004, Fudenberg and Levine 2004).”
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“This practice is comparable to the relationship between the farsighted ‘‘planner’’ and short-sighted ‘‘doer’’ discussed by Shefrin and Thaler (1981).”
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“(Tversky and Kahneman 1974; Thaler and Shefrin 1981; Tversky and Kahneman 1981; Chaiken and Trope 1999; Kahneman 2003; McClure, Laibson, Loewenstein, and Cohen, 2004) Such notions would appear to have a strong evolutionary basis.”
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“First, approaches exist in which an individual has several sets of preferences that mutually influence each other ( Thaler & Shefrin 1981; Kuran 1991).”
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“Moreover, it might not induce users to change their savings behavior because the problem is presented as a problem of their conflicted future self, rather than of their current self (Strotz (1955), Thaler and Shefrin (1981)).”
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“10We focus on the time span from 6 to 12 months, rather than the time span from today to 6 months to avoid measurement error due to extreme short-run impatience or hyperbolic discounting (Ainslie 1975; Thaler and Shefrin 1981), also see Hayo and Neumeier (2015).”
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“There is a vast literature on impatience and pre-sent bias (e.g., Thaler and Shefrin 1981; O’Donoghue and Rabin 2015).”
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“In economics, the most popular are “dual-self” models, with the prototypical “planner-doer” model introduced by Thaler and Shefrin (1981).”
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“…between self-continuity and intertemporal choice (Bartels and Urminsky, 2011; Hershfield, 2011; Parfit, 1971, 1984; Stephan et al., 2018; Thaler and Shefrin, 1981), those high in future self-continuity may already demonstrate healthy eating behaviors and, thus, may benefit less from…”
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“In self-control, person is regarded as an organization (Thaler and Shefrin, 1981).”
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“It is nonstationarity that is theoretically linked to self-control (Thaler and Shefrin, 1981; Ariely and Wertenbroch, 2002); a person who is impatient but stationary, such as a person who always says they prefer watching TV to exercising (rather than first saying they prefer exercising and then…”
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Metadata
- 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 › Economics, Econometrics and Finance › Finance › 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
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
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