Artikel
Willpower and compromise effect
This paper provides a behavioral foundation for the willpower as limited cognitive resource model which bridges the standard utility maximization and the Strotz models. Using the agent's ex ante preferences and ex post choices, we derive a representation that captures key behavioral traits of willpower constrained decision making. We use the model to study the pricing problem of a profit-maximizing monopolist who faces consumers with limited willpower. We show that the optimal contract often consists of three alternatives and the consumer's choices reflect a form of the "compromise effect" which is induced endogenously.
- Sprache
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Englisch
- Erschienen in
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Journal: Theoretical Economics ; ISSN: 1555-7561 ; Volume: 15 ; Year: 2020 ; Issue: 1 ; Pages: 279-317 ; New Haven, CT: The Econometric Society
- Klassifikation
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Wirtschaft
- Thema
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Willpower
compromise effect
self control
temptation
contracting
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Masatlioglu, Yusufcan
Nakajima, Daisuke
Ozdenoren, Emre
- Ereignis
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Veröffentlichung
- (wer)
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The Econometric Society
- (wo)
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New Haven, CT
- (wann)
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2020
- DOI
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doi:10.3982/TE3086
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Artikel
Beteiligte
- Masatlioglu, Yusufcan
- Nakajima, Daisuke
- Ozdenoren, Emre
- The Econometric Society
Entstanden
- 2020
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