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
teresa.kabat@case.edu
216.368.4110

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

Share:

Related Events


Loading events…

Interested in learning more about Weatherhead programs? Request more information or apply now, or register for one of over 70 open enrollment courses through Executive Education.

Weatherhead School of Management at Case Western Reserve University cultivates creativity, innovation, and purpose-driven leadership to design a better world.