An Economic Theory of Self-Control

@article{Thaler1981AnET,
  title={An Economic Theory of Self-Control},
  author={R. Thaler and H. Shefrin},
  journal={Journal of Political Economy},
  year={1981},
  volume={89},
  pages={392 - 406}
}
The concept of self-control is incorporated in a theory of individual intertemporal choice by modeling the individual as an organization. The individual at a point in time is assumed to be both a farsighted planner and a myopic doer. The resulting conflict is seen to be fundamentally similar to the agency conflict between the owners and managers of a firm. Both individuals and firms use the same techniques to mitigate the problems which the conflicts create. This paper stresses the implications… Expand
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