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Choices with Delayed Consequences: Pleasing or Fighting Future Tastes?

Author

Listed:
  • Sebastian Krügel

    (University of Giessen)

  • Matthias Uhl

    (University of Munich)

Abstract

Many choices concern consumption in future periods. If preferences are state-dependent, a fundamental question is whether people consider their preferences at the time of consumption or decision as more important. Assuming the first, previous studies apparently demonstrate that people systematically mispredict their future tastes. Most of this evidence, however, is also consistent with the idea that people understand, but do not approve of their future preferences. To disentangle both approaches, we conducted a framed field experiment with a commitment option. Commitment in our experiment was not a device against weak will. It was a judgment, which one planning self imposed on another planning self. The results suggest that people are not willing to neglect their preferences at the time of the decision. People may sometimes experience a confl ict between two far-sighted selves. This has profound implications in the area of consumer sovereignty and questions the main justification of paternalism.

Suggested Citation

  • Sebastian Krügel & Matthias Uhl, 2016. "Choices with Delayed Consequences: Pleasing or Fighting Future Tastes?," MAGKS Papers on Economics 201635, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
  • Handle: RePEc:mar:magkse:201635
    as

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    File URL: http://www.uni-marburg.de/fb02/makro/forschung/magkspapers/paper_2016/35-2016_kruegel.pdf
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    References listed on IDEAS

    as
    1. Loewenstein, George, 1996. "Out of Control: Visceral Influences on Behavior," Organizational Behavior and Human Decision Processes, Elsevier, vol. 65(3), pages 272-292, March.
    2. Matthias Uhl, 2011. "Challenging the Intrapersonal Empathy Gap An Experiment with Self-Commitment Power," Jena Economics Research Papers 2011-019, Friedrich-Schiller-University Jena.
    3. Ned Augenblick & Muriel Niederle & Charles Sprenger, 2015. "Editor's Choice Working over Time: Dynamic Inconsistency in Real Effort Tasks," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 130(3), pages 1067-1115.
    4. Schelling, Thomas C, 1984. "Self-Command in Practice, in Policy, and in a Theory of Rational Choice," American Economic Review, American Economic Association, vol. 74(2), pages 1-11, May.
    5. Read, Daniel, 2006. "Which side are you on? The ethics of self-command," Journal of Economic Psychology, Elsevier, vol. 27(5), pages 681-693, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    State-dependent preferences; Projection bias; Multiple selves; Commitment; Intrapersonal con ict;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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