Department of Economics

Faculty of Arts and Social Sciences

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Seminar - Upcoming

   
 
Seminars
 
Upcoming
2013 Asia Summer Institute in Behavioral Economics
Asian Meeting of the Econometric Society 2013
Past Events

Department Seminar

Topic:

Learning the Krepsian State: Exploration through Consumption

Speaker:

Norio Takeoka
Hitotsubashi University

Date: May 31, Tue


Time: 4 - 5:30 pm

Venue: Lim Tay Boh Seminar Room (AS2 03-12)
National University of Singapore
1 Arts Link, Singapore 117570


Chair:

Satoru Takahashi

Abstract:

This paper provides an axiomatic model of endogenous formation of personality, preference in particular, in which the decision maker faces an internal conflict that while he desires to change his personality he is tempted to resist the change at the same time. The characterized model allows for the role of self control and the value of commitment device in personality development. We provide applications to the problem of endogenous determination of time preference and endogenous determination of intertemporal substitution. There we show that larger cost of self control leads to slower growth of patience level and intertemporal stability level, and show that there is a positive value of commitment device which enforces minimal necessary investment on development.