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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
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“See on the economic side for instance Strotz (1955), Thaler and Shefrin (1981) Schelling (1984) More to the psychological and to the philosophical psychology side, see Ainslee (2002), Spitzley (1992), Spitzley (2005) 40 For interesting if somewhat sweeping recent claims concerning the punishment…”
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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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