This paper develops a simple model of corporate governance based on the concept of time-inconsistent misconduct. The model relaxes the standard rational choice assumption that corporate actors have time-consistent preferences and thus have perfect self-control; it therefore directly accounts for...

There is a large literature in behavioral economics finding that people routinely override their long-term preferences due to the pull of immediate gratification. With this in mind, this paper develops a simple model of repeated procrastination that can be used to examine the efficacy of legal...

This article examines criminal misconduct by corporations and their agents. It allows for the possibility that corporate agents systematically mispredict their future willpower — their ability to withstand the transient pull of immediate gratification. The article shows that even relatively...