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Bonn Econ Discussion Papers, Bonn Graduate School of Economics (BGSE), Universität Bonn >
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http://hdl.handle.net/10419/27164
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| Title: | | On the value of deadlines  |
| Authors: | | Herweg, Fabian Müller, Daniel |
| Issue Date: | | 2008 |
| Series/Report no.: | | Bonn econ discussion papers 2008,3 |
| Abstract: | | Earlier work has shown that procrastination can be explained by quasihyperbolic discounting. We present a model of effort choice over time that shifts the focus away from completion to performance on a single task. We show that quasi-hyperbolic discounting is detrimental for performance. More intrestingly, we find that being aware of the own self-control problems not necessarily increases performance. Extending this framework to a multi-task model, we show that deadlines help an agent to structure his workload more efficiently, which in turn leads to better performance. Moreover, being restricted by deadlines increases a quasi-hyperbolic discounter's well-being. Thus, we give a theoretical underpinning for recent empirical evidence and numerous casual observations. |
| Subjects: | | Effort Choice Deadlines (Quasi-) Hyperbolic Discounting Naiveté Present-Biased Preferences , Sophistication |
| JEL: | | A12 D11 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Bonn Econ Discussion Papers, Bonn Graduate School of Economics (BGSE), Universität Bonn
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