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http://hdl.handle.net/10419/35650
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| Title: | | Commitment to self-rewards  |
| Authors: | | Koch, Alexander K. Nafziger, Julia |
| Issue Date: | | 2009 |
| Series/Report no.: | | IZA discussion papers 4049 |
| Abstract: | | Self-administered rewards are ubiquitous. They serve as incentives for personal accomplishments and are widely recommended as tools for overcoming self-control problems. However, it seems puzzling why self-rewards can work: the prospect of a reward has a motivating force only if the threat of self-denial of the reward after low performance is credible. We explain how a rational forward-looking individual may achieve commitment to self-rewards, by applying Köszegi and Rabin's (2006) model of endogenous reference point formation to a self-regulation problem. Our results show why and when self-regulation built on self-rewards can be successful and thus illustrate the power, but also the limits, of self-rewards. |
| Subjects: | | Self-control motivation self-reinforcement time inconsistency reference-dependent preferences |
| JEL: | | A12 C70 D86 |
| Persistent Identifier of the first edition: | | urn:nbn:de:101:1-20090323189 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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