Zhang, Qing, Greiner, Ben. 2021. Time inconsistency, sophistication, and commitment: An experimental study. Economics Letters. (10998)
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Abstract
We experimentally study the relationship between time inconsistency, sophistication about time inconsistency, and self-commitment. Previous research has interpreted demand for commitment devices as evidence for the sophistication of a time-inconsistent decision-maker. In our laboratory experiment, we attempt to measure sophistication directly by way of a cognitive test. We then test the hypothesis that people who are both time-inconsistent and show high cognitive capacity take up commitment devices when offered in the strategic game between their current and their future self. For experimental laboratory commitment choices, we cannot detect a moderating effect of cognition on commitment demand of time-inconsistent subjects.
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Status of publication | Published |
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Affiliation | WU |
Type of publication | Journal article |
Journal | Economics Letters |
Citation Index | SSCI |
WU Journalrating 2009 | A |
WU-Journal-Rating new | FIN-A, STRAT-B, VW-B, WH-B |
Language | English |
Title | Time inconsistency, sophistication, and commitment: An experimental study |
Number | 10998 |
Year | 2021 |
Reviewed? | Y |
URL | https://www.sciencedirect.com/science/article/pii/S0165176521002597 |
DOI | https://dx.doi.org/10.1016/j.econlet.2021.109982 |
Open Access | N |
Associations
- People
- Greiner, Ben (Details)
- External
- Zhang, Qing (Hunan University of Technology and Business, School of Finance, China)
- Organization
- Institute for Markets and Strategy IN (Details)
- Competence Center for Experimental Research WE (Details)
- Research areas (Ă–STAT Classification 'Statistik Austria')
- 5307 Business and management economics (Details)