Arbeitspapier
Sophistication about Self-Control
We propose a broadly applicable empirical approach to classify individuals as time-consistent versus naïve or sophisticated regarding their self-control limitations. Operationalizing our approach based on nationally representative data reveals that self-control problems are pervasive and that most people are at least partly aware of their limited self-control. Compared to naïfs, sophisticates have higher IQs, better educated parents, and are more likely to take up commitment devices. Accounting for both the level and awareness of self-control limitations has predictive power beyond one-dimensional notions of self-control that neglect awareness. Importantly, sophistication fully compensates for self-control problems when choices involve immediate costs and later benefits. Raising people's awareness of their own self-control limitations may thus assist them in overcoming any adverse consequences.
- Language
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Englisch
- Bibliographic citation
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Series: IZA Discussion Papers ; No. 14609
- Classification
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Wirtschaft
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Microeconomic Behavior: Underlying Principles
- Subject
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self-control
sophistication
naïveté
commitment devices
present bias
- Event
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Geistige Schöpfung
- (who)
-
Cobb-Clark, Deborah A.
Dahmann, Sarah C.
Kamhöfer, Daniel A.
Schildberg-Hörisch, Hannah
- Event
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Veröffentlichung
- (who)
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Institute of Labor Economics (IZA)
- (where)
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Bonn
- (when)
-
2021
- Handle
- Last update
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10.03.2025, 11:46 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Cobb-Clark, Deborah A.
- Dahmann, Sarah C.
- Kamhöfer, Daniel A.
- Schildberg-Hörisch, Hannah
- Institute of Labor Economics (IZA)
Time of origin
- 2021
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