%0 Report
        %A Cobb-Clark, Deborah A.
%A Dahmann, Sarah C.
%A Kamhöfer, Daniel A.
%A Schildberg-Hörisch, Hannah
        %T Sophistication about Self-Control
        %D 2021
        %8 2021 Jul
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 14609
        %U https://www.iza.org/publications/dp14609
        %X 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.
        %K commitment devices
%K naïveté
%K sophistication
%K self-control
%K present bias