self control after class

self control after class - PPE 203/PSYC 265 PPE Lecture for...

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PE 203/PSYC 265 PPE 203/PSYC 265 Lecture for 3/1/12
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Self control The situation might not be so bad as it looks for the sophisticate, ecause she can use mmitment because she can use commitment devices . She can deny future selves choices or impose costs on certain future selves for taking an action that ruins the plan.
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Commitment devices Often people restrict their future choices as a means of commitment, s we saw in the intro lecture: as we saw in the intro lecture: c Christmas clubs c Tax refunds c Casino self-exclusion c Gastric bypass
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Commitment devices But you can also exert self-control by upping the costs of not following the plan: c Clocky c SnuzNLuz c Stickk.com c Lose it or lose it
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Example 2: Suppose a person has a coupon to see one movie over the next four Saturdays, and her allowance is such that she cannot afford to pay for a movie. The schedule at the local cinema is the same as for the above example - a mediocre movie this week, a good movie next eek, a great movie in two weeks, and (best of week, a great movie in two weeks, and (best of all) a Johnny Depp movie in three weeks. Which movie does she see? Assume β = .5 and δ = 1.
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Self control Let’s add a commitment option: The sophisticate can, on the 1 st Saturday, invite an in-law to visit on a later Saturday. The visit will be unpleasant, but the in-law hates movies and will make going to a movie even more unpleasant. Uninviting the in-law is very unpleasant (suppose impossible). Which is the best Saturday to invite the in-law? How bad a visit is still worth it?
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Sophisticates Movie Inst. u β u utility U(go) U(-go) Go? Mediocre
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This note was uploaded on 04/04/2012 for the course PSYC 265 taught by Professor Jasondana during the Spring '12 term at UPenn.

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self control after class - PPE 203/PSYC 265 PPE Lecture for...

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