The phenomenon of weakness of will – not doing what we perceive as the best action – is not recognized by neoclassical economics due to the axiomatic assumptions of the revealed preference theory (RPT) that people do what is best for them. However, present bias shows that people have different preferences over time. As they cannot be compared by the utility measurements, economists need to normatively decide between selves (short- versus long-term preferences). A problem is that neoclassical economists perceive RPT (...) as value-free and incorporate present bias within the economic framework. The axiomatic assumption that people do what is best for them leads to theoretical and practical dilemmas. This work examines weakness of will to resolve some shortcomings of RPT. The concept of intention is used to provide multiple self conception with the framework to decide between selves, which had not been done before. The paper concludes that individuals should not always follow their revealed preferences (desires) but the intentions (reason) because the latter indicates what people really want. (shrink)

In this review, I discuss recent advances in philosophical and psychological approaches to self-control. The review is divided in 4 parts, in which I discuss: a) different conceptions of self-control; b) standard methods for studying it; c) some models of how self-control is exercised; and d) the connections between self-control and other relevant psychological constructs. The review was originally commissioned by the John Templeton Foundation to provide an informative overview that would knit together different strands of current debates in the (...) field. It is meant to be useful to well-informed audiences, as well as new-comers to the discussion. (shrink)