Time-inconsistent Preferences and Consumer Self-Control

  title={Time-inconsistent Preferences and Consumer Self-Control},
  author={Stephen J. Hoch and George Loewenstein},
  journal={Journal of Consumer Research},
Why do consumers sometimes act against their own better judgment, engaging in behavior that is often regretted after the fact and that would have been rejected with adequate forethought? More generally, how do consumers attempt to maintain self-control in the face of time-inconsistent preferences? This article addresses consumer impatience by developing a decision-theoretic model based on reference points. The model explains how and why consumers experience sudden increases in desire for a… Expand

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