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The Strength Of Weak Will

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  • Ole-Jørgen Skog

Abstract

The standard theory of discounting in rational choice theory does not permit weakness of will. Nor does it allow people to use precommitment strategies or private side-bets. It is also doubtful that the standard theory allows endogenous time preferences and other types of character planning. Moreover, although Becker and Murphy have demonstrated that the standard theory can accommodate the addict's inability to abstain, the theory is hard pressed to explain the relapse phenomenon and the addict's struggle to overcome his addiction. In this paper, a slight extension of the standard theory of discounting is suggested, allowing for the fact that people's discounting of future goods tends to vary unsystematically over time. These fluctuations allow for a certain type of weakness of will. A theory is developed of how rational actors handle fluctuations in their own discount rates. It is demonstrated that this allows all the phenomena mentioned before to be embedded within rational choice theory. Moreover, fluctuations tend to produce many of the same intrapsychic strategic phenomena that Ainslie has analysed in the light of the theory of hyperbolic discounting.

Suggested Citation

  • Ole-Jørgen Skog, 1997. "The Strength Of Weak Will," Rationality and Society, , vol. 9(2), pages 245-271, May.
    • Handle: RePEc:sae:ratsoc:v:9:y:1997:i:2:p:245-271
    DOI: 10.1177/104346397009002005
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    References listed on IDEAS

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    1. Binmore, Ken, 1987. "Modeling Rational Players: Part I," Economics and Philosophy, Cambridge University Press, vol. 3(2), pages 179-214, October.
    2. George Loewenstein & Drazen Prelec, 1992. "Anomalies in Intertemporal Choice: Evidence and an Interpretation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 573-597.
    3. Orphanides, Athanasios & Zervos, David, 1995. "Rational Addiction with Learning and Regret," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 739-758, August.
    4. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August.
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    Cited by:

    1. Azfar, Omar, 1999. "Rationalizing hyperbolic discounting," Journal of Economic Behavior & Organization, Elsevier, vol. 38(2), pages 245-252, February.
    2. Bretteville-Jensen, A. L., 1999. "Addiction and discounting1," Journal of Health Economics, Elsevier, vol. 18(4), pages 393-407, August.

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