Year: 1977
Type: report
Abstract: Although many economists, most notably Strotz, have discussed dynamic inconsistency and precommitment, none have dealt directly with the essence of the problem: self-control.This paper attempts to fill that gap by modeling man as an organization.The Strotz model is recast to include the control features missing in his formulation.The organizational analogy permits us to draw on the theory of agency.We thus relate the individual's control problems with those that exist in agency relationships.
DOI: 10.3386/w0208
Authors: H. Shefrin, Richard Thaler
Institution: Cornell University
Language: English
Subfield: General Decision Sciences
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W2890473091