American Economic Review
ISSN 0002-8282 (Print) | ISSN 1944-7981 (Online)
Measuring Self-Control Problems
American Economic Review
(pp. 966–972)
Abstract
We develop a survey instrument to measure self-control problems in a sample of highly educated adults. This measure relates in the manner that theory predicts to liquid wealth accumulation and personality measures. Yet while self-control problems are typically seen as resulting in overconsumption and low wealth, we identify a significant group who underconsume and thereby accumulate high levels of wealth. In addition, self-control problems are smaller in scale for older than for younger respondents. Those who put money aside in retirement accounts may be delaying access to a point at which self-control problems are no longer important. (JEL D12, D14)Citation
Ameriks, John, Andrew Caplin, John Leahy, and Tom Tyler. 2007. "Measuring Self-Control Problems." American Economic Review 97 (3): 966–972. DOI: 10.1257/aer.97.3.966Additional Materials
JEL Classification
- D12 Consumer Economics: Empirical Analysis
- D14 Household Saving; Personal Finance