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dc.contributor.authorBryan, Gharaden_US
dc.contributor.authorKarlan, Dean S.en_US
dc.contributor.authorNelson, Scotten_US
dc.description.abstractWe review the theoretical and empirical literature on commitment devices. A commitment device is any arrangement, entered into by an individual, with the aim of making it easier to fulfill his or her own future plans. We argue that there is growing empirical evidence supporting the proposition that people demand commitment devices and that these devices can change behavior. We highlight the importance of further research exploring soft commitments those involving only psychological costs and the welfare consequences of hard commitments those involving actual costs especially in the presence of bounded rationality.en_US
dc.publisherYale Univ., Economic Growth Center New Haven, Conn.en_US
dc.relation.ispartofseriesCenter Discussion Paper, Economic Growth Center 980en_US
dc.subject.keywordconsumer/household economicsen_US
dc.subject.keywordinstitutional and behavioral economicsen_US
dc.titleCommitment contractsen_US
dc.typeWorking Paperen_US
Appears in Collections:Center Discussion Papers, Economic Growth Center (EGC), Yale University

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