TY  - JOUR
AU  - Shefrin,H. M.
AU  - Thaler,Richard
TI  - An Economic Theory of Self-Control
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 208
PY  - 1977
Y2  - October 1977
UR  - http://www.nber.org/papers/w0208
L1  - http://www.nber.org/papers/w0208.pdf
N1  - Author contact info:
Richard H. Thaler
Booth School of Business
University of Chicago
5807 South Woodlawn Ave
Chicago, IL 60637
Tel: 773/702-5208
Fax: 773/834-9134
E-Mail: richard.thaler@chicagobooth.edu
AB  - Although many economists, most notably Strotz, have discussed dynamic inconsistency and precommitment, none have dealt directly with the essence of the problem: self-control. This paper attempts to fill that gap by modeling man as an organization. The Strotz model is recast to include the control features missing in his formulation. The organizational analogy permits us to draw on the theory of agency. We thus relate the individual's control problems with those that exist in agency relationships.
ER  -