An Economic Theory of Self-Control / H. M. Shefrin, Richard Thaler.

Format:

Book

Author/Creator:

Shefrin, H. M.

Contributor:

National Bureau of Economic Research.

Thaler, Richard.

Series:

Working Paper Series (National Bureau of Economic Research) no. w0208.

NBER working paper series no. w0208

Language:

English

Subjects (All):

Human behavior.

Behaviorism (Psychology).

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1977.

Cambridge, Mass. : National Bureau of Economic Research, 1977.

Summary:

Although many economists, most notably Strotz, have discussed dynamic inconsistency and precommitment, none have dealt directly with the essence of the problem: self-control. This paper attempts to fill that gap by modeling man as an organization. The Strotz model is recast to include the control features missing in his formulation. The organizational analogy permits us to draw on the theory of agency. We thus relate the individual's control problems with those that exist in agency relationships.

Notes:

Print version record

October 1977.