Incomplete Menu Preference and Ambiguity

Chandrasekher, Madhav

doi:10.2139/ssrn.2794176

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Cited by 3 publications

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“…Chandrasekher [2014] proposes a generalization of the random Strotz model, weakening the assumption that preferences are complete while retaining the NDC axiom. The overlap of the model in Chandrasekher [2014] with the self-regulation model is the random Strotz model. Masatlioglu, Nakajima, and Ozdenoren [2017] generalize the Strotz model by allowing the DM to resist internal conflicts subject to her willpower stock.…”

Section: Other Related Modelsmentioning

confidence: 99%

Mood-driven choices and self-regulation

Mihm

Ozbek

2018

Journal of Economic Theory

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We model a decision maker who can exert costly effort to regulate herself, thereby reducing internal conflicts between her normative objectives and mood-driven choices. We provide an axiomatic characterization of the model, and show how costs of self-regulation can be elicited and compared across individuals. In a consumption-saving problem we show that self-regulation can generate unintended income effects, which have important implications for public policies on saving behavior. We also provide several examples to illustrate how self-regulation can rationalize many well-known choice anomalies. These behavioral implications follow from a key feature of the model that self-regulation decisions can respond to changes in incentives.

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Section: Other Related Modelsmentioning

confidence: 99%