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The Thief of TimePhilosophical Essays on Procrastination$
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Chrisoula Andreou and Mark D. White

Print publication date: 2010

Print ISBN-13: 9780195376685

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780195376685.001.0001

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Economic Models of Procrastination

Economic Models of Procrastination

(p.28) 2 Economic Models of Procrastination
The Thief of Time

Don Ross (Contributor Webpage)

Oxford University Press

The chapter compares a leading psychological account of procrastination and related phenomena—the picoeconomic framework of George Ainslie—with economic models of self-control lapses generally and procrastination specifically. By “economic,” reference is intended to models that admit of solution by maximizing utility functions and that can be tested econometrically against behavioral or neural processing data. The chapter demonstrates how bargaining games among picoeconomic interests (as Ainslie depicts them) can take two forms. One of these forms corresponds to dual-self models of self-control that have unique Markov Perfect Nash Equilibria as solutions. The other form has yet to be modeled, but promising tools for the job are in place.

Keywords:   Ainslie, dual-self models, economic models, intertemporal discounting, picoeconomics, procrastination

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