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On the Interaction of Memory and Procrastination: Implications for Reminders / Keith M. Marzilli Ericson.
- Format:
- Book
- Author/Creator:
- Ericson, Keith M. Marzilli.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w20381.
- NBER working paper series no. w20381
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- On the Interaction of Memory and Procrastination
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2014.
- Summary:
- I examine the interaction between present-bias and limited memory. Individuals in the model must choose when and whether to complete a task, but may forget or procrastinate. Present-bias expands the effect of memory: it induces delay and limits take-up of reminders. Cheap reminder technology can bound the cost of limited memory for time-consistent individuals but not for present-biased individuals, who procrastinate on setting up reminders. Moreover, while improving memory increases welfare for time-consistent individuals, it may harm present-biased individuals because limited memory can function as a commitment device. Thus, present-biased individuals may be better off with reminders that are unanticipated. Finally, I show how to optimally time the delivery of reminders to present-biased individuals.
- Notes:
- Print version record
- August 2014.
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