Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/195920
Authors: 
König, Tobias
Schweighofer-Kodritsch, Sebastian
Weizsäcker, Georg
Year of Publication: 
2019
Series/Report no.: 
WZB Discussion Paper SP II 2019-204
Abstract: 
We repeatedly elicit beliefs about the returns to study effort in a panel survey of students of a large university course. A behavioral model of quasi-hyperbolic discounting and malleable beliefs yields the prediction that the dynamics of return beliefs mirrors the importance of exerting self-control, such that return expectations first increase as the exam approaches, and then sharply drop post-exam. Exploiting variation in exam timing to control for common information shocks, we find this prediction confirmed: average subjective expectations of returns increase by about 20% over the period before the exam, and drop by about the same amount afterwards.
Subjects: 
Panel Survey
Expectations
Self-Control
JEL: 
C83
D84
D91
Document Type: 
Working Paper
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