Self-control,revealed preference and consumption choice |
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| Institution: | 1. Institute for Data, Systems, and Society (IDSS), MIT, Cambridge, MA, 02139, USA;2. Department of Economics, MIT, Cambridge, MA, 02142, USA;1. University of Sussex, United Kingdom;2. IZA, Germany;3. Queen Mary University of London, United Kingdom;1. Department of Economics, Universidade de Brasília, Brazil;2. Department of Economics, University of Pittsburgh, United States |
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| Abstract: | We provide a time-consistent model that addresses the preference reversals that motivate the time-inconsistency literature. The model subsumes the behavior generated by the time-inconsistency approach in finite settings but, unlike the time-inconsistent models, allows for self-control. This paper provides a brief summary of theoretical results shown elsewhere Gul and Pesendorfer, Econometrica 69 (2001) 1403; Econometrica, (2002), in press; Rev. Econ. Stud. (2002), in press] and contrasts the predictions and welfare implications of our model and the time-inconsistent β?δ model. |
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