Abstract

http://ssrn.com/abstract=260400
 
 

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An Economic Theory of Self-Control


Hersh Shefrin


Santa Clara University - Leavey School of Business

Richard H. Thaler


University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

October 1977

NBER Working Paper No. w0208

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.

Number of Pages in PDF File: 48

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Date posted: February 15, 2001  

Suggested Citation

Shefrin, Hersh and Thaler, Richard H., An Economic Theory of Self-Control (October 1977). NBER Working Paper No. w0208. Available at SSRN: http://ssrn.com/abstract=260400

Contact Information

Hersh M. Shefrin (Contact Author)
Santa Clara University - Leavey School of Business ( email )
Dept. of Finance
Santa Clara, CA 95053
United States
408-554-6893 (Phone)
408-554-4029 (Fax)
Richard H. Thaler
University of Chicago - Booth School of Business ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-5208 (Phone)
773-702-0458 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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