Dynamic Inconsistency and Self-Control

个人如何解决一个固定的选择问题往往取决于何时作出决定。这个项目研究这种被称为动态不一致的现象。主要的创新是引入自我控制作为偏好的一个明显特征。自我控制在消费时的选择行为和偏好之间创造了一个楔子。第一步是导出一个简单的偏好表示，以捕获动态不一致性。这种表征有助于将自我控制量化为一种效用惩罚，每当最终选择对事后自我来说不是最优时，这种效用惩罚就适用。 该模型区分了消费时发生的自我控制和较早发生的承诺。 可以制定一个衡量动态不一致性和自我控制的措施。目前的动态不一致性模型将被扩展到允许中间消费和不确定性的时间分辨率。这将允许分析在宏观经济学和金融经济学中使用的消费和储蓄的标准模型。通过使用本项目开发的工具，将对相关的心理机制合理化进行形式化分析。

How individuals resolve a fixed choice problem often depends on when the decision is made. This project studies this phenomenon called dynamic inconsistency. The main innovation is the introduction of self-control as a distinct feature of preferences. Self-control creates a wedge between choice behavior and preferences at the time of consumption. The first step is to derive a simple representation of preferences that captures dynamic inconsistency. The representation facilitates the quantification of self-control as a utility penalty that applies whenever the ultimate choice is not optimal for the ex post self. The model distinguishes between self-control which occurs at time of consumption and commitment which takes place earlier. A measure of dynamic inconsistency and a measure of self-control can be developed. The current model of dynamic inconsistency will be extended to allow for intermediate consumption and temporal resolution of uncertainty. This will permit the analysis of the standard models of consumption and saving used in macroeconomics and financial economics. By using the tools developed in this project, formal analysis of related psychological mechanism, rationalization, will be undertaken.