@TechReport{iza:izadps:dp14609,
            	author={Cobb-Clark, Deborah A. and Dahmann, Sarah C. and Kamhöfer, Daniel A. and Schildberg-Hörisch, Hannah},
            	title={Sophistication about Self-Control},
            	year={2021},
	month={Jul},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={14609},
            	url={https://www.iza.org/publications/dp14609},
	abstract={We propose a broadly applicable empirical approach to classify individuals as time-consistent versus naïve or sophisticated regarding their self-control limitations. Operationalizing our approach based on nationally representative data reveals that self-control problems are pervasive and that most people are at least partly aware of their limited self-control. Compared to naïfs, sophisticates have higher IQs, better educated parents, and are more likely to take up commitment devices. Accounting for both the level and awareness of self-control limitations has predictive power beyond one-dimensional notions of self-control that neglect awareness. Importantly, sophistication fully compensates for self-control problems when choices involve immediate costs and later benefits. Raising people's awareness of their own self-control limitations may thus assist them in overcoming any adverse consequences.},
	keywords={commitment devices;naïveté;sophistication;self-control;present bias},
            }