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| Title: | Commitment Contracts |
| Authors: | Bryan, Gharad
Karlan, Dean S.
Nelson, Scott |
| Authors (Email): | Bryan, Gharad (gharad.bryan@yale.edu)
Karlan, Dean (dean.karlan@yale.edu)
Nelson, Scott (scott.nelson@yale.edu) |
| Keywords: | Consumer/Household Economics
Institutional and Behavioral Economics |
| JEL Codes: | D03
D14 |
| Issue Date: | 2009-10 |
| Series/Report no.: | Economic Growth Center Discussion Paper
980 |
| Abstract: | We 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 commitment
– those involving only psychological costs – and the welfare consequences of
hard commitments – those involving actual costs – especially in the presence
of bounded rationality. |
| URI: | http://purl.umn.edu/54536 |
| Institution/Association: | Yale University>Economic Growth Center>Center Discussion Papers |
| Total Pages: | 37 |
| Collections: | Center Discussion Papers
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| cdp980.pdf | | 246Kb | PDF | View/Open |
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