TY  - JOUR
AU  - Augenblick,Ned
AU  - Niederle,Muriel
AU  - Sprenger,Charles
TI  - Working Over Time: Dynamic Inconsistency in Real Effort Tasks
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 18734
PY  - 2013
Y2  - January 2013
UR  - http://www.nber.org/papers/w18734
L1  - http://www.nber.org/papers/w18734.pdf
N1  - Author contact info:
Ned Augenblick
Haas School of Business - EAP Group
545 Student Services Building, 1900
Berkeley, CA 94720-1900
Tel: 650-804-5281
E-Mail: ned@haas.berkeley.edu

Muriel Niederle
Department of Economics
579 Serra Mall
Stanford University
Stanford, CA 94305-6072
Tel: 650/723-7359
Fax: 650/725-5702
E-Mail: niederle@stanford.edu

Charles Sprenger
Department of Economics
Stanford University
Stanford, CA 94305
E-Mail: c.sprenger@gmail.com
AB  - 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 time inconsistency. However, such monetary studies contain often discussed confounds. In this paper, we sidestep these confounds and investigate choices over consumption (real effort) in a longitudinal experiment. We pair those effort choices with a companion monetary discounting study. We confirm very limited time inconsistency in monetary choices. However, subjects show considerably more present bias in effort. 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.
ER  -