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Revising Commitments: Field Evidence on the Adjustment of Prior Choices

Xavier Giné A · Jessica Goldberg · Dan P. Silverman · Dean Yang

116 citations0/0 files storedThe Economic Journal

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Decision-Making and Behavioral Economics Financial Literacy, Pension, Retirement Analysis Experimental Behavioral Economics Studies

Abstract

We implement an artefactual field experiment in rural Malawi to study revisions of prior choices regarding future income receipts. This allows examination of intertemporal choice revision and its determinants. New tests provide evidence of self‐control problems for some participants. Revisions of money allocations towards the present are positively associated with refined measures of present‐bias from an earlier survey and with the randomly assigned closeness in time to the first possible date of money disbursement. We find little evidence that revisions of allocations towards the present are associated with spousal preferences for such revision, household shocks, or the financial sophistication of respondents.

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References

1999Self-Efficacy: The Exercise of Control 1997Self-efficacy: the exercise of control 2002Time Discounting and Time Preference: A Critical Review 1997Golden Eggs and Hyperbolic Discounting 1999Doing It Now or Later 1973Myopia and Inconsistency in Dynamic Utility Maximization 2009Psychology and Economics: Evidence from the Field 1981Some empirical evidence on dynamic inconsistency

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