Economics Research Seminar | Weatherhead School at Case Western Reserve University

Economics Research Seminar

Working Over Time: Dynamic Inconsistency in Real Effort Tasks

Experimental tests of dynamically inconsistent time preferences have largely relied
on choices over time-dated monetary rewards. Several recent studies have failed to find the standard patterns of present bias. However, such monetary studies contain often-discussed confounds. In this paper, we sidestep these confounds and investigate choices over consumption (real e ort) in a longitudinal experiment. We pair this eff ort study with a companion monetary discounting study. We confi rm very limited time inconsistency in monetary choices. However, subjects show considerably more present bias in e ffort.  Furthermore, present bias in the allocation of work has predictive power for demand of a meaningfully binding commitment device. Therefore our findings validate a key implication of models of dynamic inconsistency, with corresponding policy implications.

Please join the Economics Department for a research seminar.  This event is open to all Case Western Reserve University faculty, Ph.D. students, economic majors and minors, and those interested in economics research.
Contact Information:

Teresa Kabat

Friday, March 20, 2015 from 3 p.m. to 4:30 p.m.
Peter B. Lewis Building, Room 220
11119 Bellflower Road
Cleveland, OH 44106-7235
United States
Speaker(s): Charels Sprenger, Ph.D., Stanford University
Sponsored by: Economics Department
Working Over Time: Dynamic Inconsistency in Real Effort Tasks


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