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Suboptimal choices and the need for experienced individual well-being in economic analysis

Hsee, Christopher K.; Rottenstreich, Yuval; Stutzer, Alois - 2012

Standard economic analysis assumes that people make choices that maximize their utility. Yet both popular discourse and other fields assume that people sometimes fail to make optimal choices and thus adversely affect their own happiness. Most social sciences thus frequently describe some...

Persistent link: https://www.econbiz.de/10010282196

Suboptimal Choices and the Need for Experienced Individual Well-Being in Economic Analysis

Hsee, Christopher K.; Rottenstreich, Yuval; Stutzer, Alois - Institute for the Study of Labor (IZA) - 2012

Persistent link: https://www.econbiz.de/10009649826

Self-regulation through goal setting

Koch, Alexander K.; Nafziger, Julia - 2008

Goals are an important source of motivation. But little is known about why and how people set them. We address these questions in a model based on two stylized facts from psychology and behavioral economics: i) Goals serve as reference points for performance. ii) Present-biased preferences...

Persistent link: https://www.econbiz.de/10010268967

Motivational goal bracketing

Koch, Alexander K.; Nafziger, Julia - 2009

It is a puzzle why people often evaluate consequences of choices separately (narrow bracketing) rather than jointly (broad bracketing). We study the hypothesis that a present-biased individual, who faces two tasks, may bracket his goals narrowly for motivational reasons. Goals motivate because...

Persistent link: https://www.econbiz.de/10010271317

Life Cycle Time Allocation and Saving in an Imperfect Capital Market

Apps, Patricia; Rees, Ray - 2004

This paper combines income and expenditure with time use data to provide a unique picture of the time paths of labour supplies, saving and full consumption for two-adult households over the life cycle. These data are used to test the life cycle model presented in the paper, at the core of which...

Persistent link: https://www.econbiz.de/10010261803

A constitutional theory of the family

Cigno, Alessandro - 2005

The paper re-examines the idea that a family can be viewed as a community governed by a self-enforcing constitution, and extends existing results in two directions. First, it identifies circumstances in which a constitution is renegotiation-proof. Second, it introduces parental altruism. The...

Persistent link: https://www.econbiz.de/10010267482

The Response of Consumption in Russian Households to Economic Shocks

Stillman, Steven - 2001

changes in household savings are negatively related to exogenous income shocks, with this relationship strongest for low … wealth households. Only models of consumption which include precautionary savings motives can explain why poorer households … both reduce their consumption and increase their savings in response to an exogenous decline in income. …

Persistent link: https://www.econbiz.de/10010262612

Everybody's a Victim? Global Terror, Well-Being and Political Attitudes

Akay, Alpaslan; Bargain, Olivier; Elsayed, Ahmed - 2018

Terror has become a global issue. Terror acts perpetuated by religious, nationalist or political groups around the globe can propagate distress rapidly through different channels and possibly change political attitudes. This paper suggests the first evaluation of the impact of global terror on...

Persistent link: https://www.econbiz.de/10011873601

Motivational Goal Bracketing with Non-rational Goals

Koch, Alexander K.; Nafziger, Julia - 2021

We provide a tractable model of motivational goal bracketing by a present-biased individual, extending previous work to show that the main insights from models with rational goals carry over to a setting with non-rational goals. Goals motivate because they serve as reference points that make...

Persistent link: https://www.econbiz.de/10012498043

Goals and psychological accounting

Koch, Alexander K.; Nafziger, Julia - 2011

We model how people formulate and evaluate goals to overcome self-control problems. People often attempt to regulate their behavior by evaluating goal-related outcomes separately (in narrow psychological accounts) rather than jointly (in a broad account). To explain this evidence, our theory of...

Persistent link: https://www.econbiz.de/10010278795