Self-control, revealed preference and consumption choice

Research output: Contribution to journalArticlepeer-review

58 Scopus citations


We provide a time-consistent model that addresses the preference reversals that motivate the time-inconsistency literature. The model subsumes the behavior generated by the time-inconsistency approach in finite settings but, unlike the time-inconsistent models, allows for self-control. This paper provides a brief summary of theoretical results shown elsewhere [Gul and Pesendorfer, Econometrica 69 (2001) 1403; Econometrica, (2002), in press; Rev. Econ. Stud. (2002), in press] and contrasts the predictions and welfare implications of our model and the time-inconsistent β-δ model.

Original languageEnglish (US)
Pages (from-to)243-264
Number of pages22
JournalReview of Economic Dynamics
Issue number2
StatePublished - Apr 2004

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


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