The chocolate self-delusion

Behavioral insights into intertemporal choices, self-control issues and the virtues of commitment

Part 3

Previously, we discussed how the concept of time inconsistency can explain why we sometimes act against our own interest, and we identified different types of time-inconsistent decision makers. Now let’s turn to the really important part: strategies to save us from ourselves.

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Which type of time-inconsistent decision maker are you?

Answer the six questions in this personality test to find out!

 

 

The chocolate self-delusion

Behavioral insights into intertemporal choices, self-control issues and the virtues of commitment

Part 2

Last week, we identified time-inconsistent decision making as the main reason for our chocolate issues.  We will now look into it in a bit more detail.

Types of inconsistent decision-makers

Behavioral economists group people with respect to the extent of how much self-control problems they exhibit and their awareness of these problems.

Continue reading “The chocolate self-delusion”

The chocolate self-delusion

Behavioral insights into intertemporal choices, self-control issues and the virtues of commitment

Part 1

“Oh no, I did it again. My chocolate supply vanished into thin air. Okay, okay, not into the air, but into my belly. I just don’t get it. When it comes to sweets, I just cannot control myself.

I’m not a fool, I do know that devouring an entire bar of chocolate a day isn’t good for me in the long run. Strangely enough though, this happens every time I buy some. Why on earth can I not stick to my plans and just eat two pieces a day?!

Seems like “future me’ is a different version of “present me’ and dislikes performing my initial plans. What’s wrong with me?’

Well, from a behavioral economist’s point of view, the diagnose is that you suffer from time-inconsistency and a projection bias. But you’re not alone. Time-inconsistency is very common among humans, and there are remedies to cure it.

Continue reading “The chocolate self-delusion”