An Extension of Opportunity-Set Approach in Decision Theory : Case of Temptation and Self-Control

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Gul and Pesendorfer(2001) model a decision maker who exhibits self-control under temptation. In this model, preference over opportunity sets is assumed as a primitive, and axioms for self-control representation are investigated. However, it is known that the choice from an opportunity set, induced from this model, is not necessarily consistent with intuitive behavior of self-control. This study incorporates a choice correspondence into the primitive of the model, and shows that this extended model can accommodate typical choice patterns under risk and over time.