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- Ned Augenblick
- UC Berkeley, Haas School of Business Stanford University and NBER Stanford University
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- Muriel Niederle
- UC Berkeley, Haas School of Business Stanford University and NBER Stanford University
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- Charles Sprenger
- UC Berkeley, Haas School of Business Stanford University and NBER Stanford University
この論文をさがす
説明
<jats:title>Abstract</jats:title> <jats:p>Experimental tests of dynamically inconsistent time preferences have largely relied on choices over time-dated monetary rewards. Several recent studies have failed to find the standard patterns of present bias. However, such monetary studies contain often-discussed confounds. In this article, we sidestep these confounds and investigate choices over consumption (real effort) in a longitudinal experiment. We pair this effort study with a companion monetary discounting study. We confirm very limited time inconsistency in monetary choices. However, subjects show considerably more present bias in effort. Furthermore, present bias in the allocation of work has predictive power for demand of a meaningfully binding commitment device. Therefore our findings validate a key implication of models of dynamic inconsistency, with corresponding policy implications.</jats:p>
収録刊行物
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- The Quarterly Journal of Economics
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The Quarterly Journal of Economics 130 (3), 1067-1115, 2015-05-06
Oxford University Press (OUP)
