A "dual self" representation for stochastic temptation

Kalyan Chatterjee, R. Vijay Krishna

Research output: Contribution to journalArticlepeer-review

23 Scopus citations

Abstract

We consider the following two-period problem of self-control. In the first period, an individual has to decide on the set of feasible choices from which she will select one in the second period. In the second period, the individual might choose an alternative that she would find inferior in the first period, an eventuality that need not occur with certainty. We propose a model for this problem and axioms for first-period preferences, in which the second-period choice could be interpreted as being made by an "alter ego" who appears randomly. We provide a discussion of the behavioral implications of our model as compared with existing theories.

Original languageEnglish (US)
Pages (from-to)148-167
Number of pages20
JournalAmerican Economic Journal: Microeconomics
Volume1
Issue number2
DOIs
StatePublished - Aug 1 2009

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)

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