Self-rewards and personal motivation |
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Institution: | 1. Department of Economics, Universitá degli studi dell’Insubria, Via Monte Generoso 71, Varese 21100, Italy;2. University of Jena, Jena, Germany |
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Abstract: | Self-administered rewards are ubiquitous. They serve as incentives for personal accomplishments and are widely recommended to increase personal motivation. We show that in a model with time-inconsistent and reference-dependent preferences, self-rewards can be a credible and effective tool to overcome self-control problems. We also discuss the different types of self-rewards the individual can use, such as vice goods and virtue goods, and analyze which types of goods the individual prefers. |
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Keywords: | Quasi-hyperbolic discounting Reference-dependent preferences Self-control Self-rewards Goals |
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