Self-control problems and the folk theorem

2019 ◽  
Vol 163 ◽  
pp. 332-347
Author(s):  
Axel Bernergård
2011 ◽  
Author(s):  
Kevin M. King ◽  
Charles B. Fleming ◽  
Kathryn C. Monahan ◽  
Richard F. Catalano

2020 ◽  
pp. 1-31 ◽  
Author(s):  
SAMULI REIJULA ◽  
RALPH HERTWIG

Abstract This article argues that nudges can often be turned into self-nudges: empowering interventions that enable people to design and structure their own decision environments – that is, to act as citizen choice architects. Self-nudging applies insights from behavioral science in a way that is practicable and cost-effective, but that sidesteps concerns about paternalism or manipulation. It has the potential to expand the scope of application of behavioral insights from the public to the personal sphere (e.g., homes, offices, families). It is a tool for reducing failures of self-control and enhancing personal autonomy; specifically, self-nudging can mean designing one's proximate choice architecture to alleviate the effects of self-control problems, engaging in education to understand the nature and causes of self-control problems and employing simple educational nudges to improve goal attainment in various domains. It can even mean self-paternalistic interventions such as winnowing down one's choice set by, for instance, removing options. Policy-makers could promote self-nudging by sharing knowledge about nudges and how they work. The ultimate goal of the self-nudging approach is to enable citizen choice architects’ efficient self-governance, where reasonable, and the self-determined arbitration of conflicts between their mutually exclusive goals and preferences.


2002 ◽  
Vol 25 (2) ◽  
pp. 256-257 ◽  
Author(s):  
Peter Danielson

Using a simple learning agent, we show that learning self-control in the primrose path experiment does parallel learning cooperation in the prisoner's dilemma. But Rachlin's claim that “there is no essential difference between self-control and altruism” is too strong. Only iterated prisoner's dilemmas played against reciprocators are reduced to self-control problems. There is more to cooperation than self-control and even altruism in a strong sense.


2007 ◽  
Vol 82 (1) ◽  
pp. 120-137 ◽  
Author(s):  
Stefan Ambec ◽  
Nicolas Treich

2002 ◽  
Vol 13 (3) ◽  
pp. 219-224 ◽  
Author(s):  
Dan Ariely ◽  
Klaus Wertenbroch

Procrastination is all too familiar to most people. People delay writing up their research (so we hear!), repeatedly declare they will start their diets tomorrow, or postpone until next week doing odd jobs around the house. Yet people also sometimes attempt to control their procrastination by setting deadlines for themselves. In this article, we pose three questions: (a) Are people willing to self-impose meaningful (i.e., costly) deadlines to overcome procrastination? (b) Are self-imposed deadlines effective in improving task performance? (c) When self-imposing deadlines, do people set them optimally, for maximum performance enhancement? A set of studies examined these issues experimentally, showing that the answer is “yes” to the first two questions, and “nO'’ to the third. People have self-control problems, they recognize them, and they try to control them by self-imposing costly deadlines. These deadlines help people control procrastination, but they are not as effective as some externally imposed deadlines in improving task performance.


2011 ◽  
Vol 25 (4) ◽  
pp. 143-164 ◽  
Author(s):  
Shlomo Benartzi ◽  
Alessandro Previtero ◽  
Richard H Thaler

In his Nobel Prize acceptance speech given in 1985, Franco Modigliani drew attention to the “annuitization puzzle”: that annuity contracts, other than pensions through group insurance, are extremely rare. Rational choice theory predicts that households will find annuities attractive at the onset of retirement because they address the risk of outliving one's income, but in fact, relatively few of those facing retirement choose to annuitize a substantial portion of their wealth. There is now a substantial literature on the behavioral economics of retirement saving, which has stressed that both behavioral and institutional factors play an important role in determining a household's saving accumulations. Self-control problems, inertia, and a lack of financial sophistication inhibit some households from providing an adequate retirement nest egg. However, interventions such as automatic enrollment and automatic escalation of saving over time as wages rise (the “save more tomorrow” plan) have shown success in overcoming these obstacles. We will show that the same behavioral and institutional factors that help explain savings behavior are also important in understanding 1) how families handle the process of decumulation once retirement commences and 2) why there seems to be so little demand to annuitize wealth at retirement.


2021 ◽  
Author(s):  
Laura Derksen ◽  
Jason Theodore Kerwin ◽  
Natalia Ordaz Reynoso ◽  
Olivier Sterck

Health behaviors are plagued by self-control problems, and commitment devices are frequently proposed as a solution. We show that a simple alternative works even better: appointments. We randomly offer HIV testing appointments and financial commitment devices to high-risk men in Malawi. Appointments are much more effective than financial commitment devices, more than doubling testing rates. In contrast, most men who take up financial commitment devices lose their investments. Appointments address procrastination without the potential drawback of commitment failure, and also address limited memory problems. Appointments have the potential to increase demand for healthcare in the developing world.


2019 ◽  
Author(s):  
Samuli Reijula ◽  
Ralph Hertwig

This article argues that nudges can often be turned into self-nudges: empowering interventions that enable people to design and structure their own decision environments—that is, to act as citizen choice architects. Self-nudging applies insights from behavioral science in a way that is practicable and cost-effective but that sidesteps concerns about paternalism or manipulation. It has the potential to expand the scope of application of behavioral insights from the public to the personal sphere (e.g., homes, offices, families). It is a tool for reducing failures of self-control and enhancing personal autonomy; specifically, self-nudging can mean designing one’s proximate choice architecture to alleviate the effects of self-control problems, engaging in education to understand the nature and causes of self-control problems, and employing simple educational nudges to improve goal attainment in various domains. It can even mean self-paternalistic interventions such as winnowing down one’s choice set by, for instance, removing options. Policy makers could promote self-nudging by sharing knowledge about nudges and how they work. The ultimate goal of the self-nudging approach is to enable citizen choice architects’ efficient self-governance, where reasonable, and the self-determined arbitration of conflicts between their mutually exclusive goals and preferences.


2014 ◽  
Vol 9 (1-2) ◽  
pp. 85-93
Author(s):  
Sándor Nagy

Nowadays the retirement planning (savings) has become an important issue as the sustainability of pension systems due to negative demographic trends has to face significant risks and threats. The lack of saving induces not only economic but also psychological deliberations and triggering motivations. In this paper I demonstrate such theoretical aspects of behavioral economics, which try to explore and measure the actors' self-control problems.


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