Hayashi, T. and Takeoka, N. (2022) Habit formation, self-deception, and self-control. Economic Theory, 74(2), pp. 547-592. (doi: 10.1007/s00199-022-01445-1)
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Abstract
Recent research in psychology suggests that successful self-control is attributed to developing adaptive habits rather than resisting temptation. However, developing good habits itself is a self-regulating process, and people often fail to accumulate good habits. This study axiomatically characterizes a dynamic decision model where an agent may form a deceptive belief about his future preference: the agent correctly anticipates his future preference by considering the effect of habits; however, he is also tempted to ignore the habit formation. Self-control must be exerted for resisting such a self-deceptive belief. Our model is flexible enough to accommodate a variety of habit formation and explains behavioral puzzles related to gym attendance, self-control fatigue, and demand for commitment.
Item Type: | Articles |
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Status: | Published |
Refereed: | Yes |
Glasgow Author(s) Enlighten ID: | Hayashi, Professor Takashi |
Authors: | Hayashi, T., and Takeoka, N. |
College/School: | College of Social Sciences > Adam Smith Business School > Economics |
Journal Name: | Economic Theory |
Publisher: | Springer |
ISSN: | 0938-2259 |
ISSN (Online): | 1432-0479 |
Published Online: | 16 July 2022 |
Copyright Holders: | Copyright © 2022 The Authors |
First Published: | First published in Economic Theory 74(2): 547-592 |
Publisher Policy: | Reproduced in accordance with the publisher copyright policy |
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