American Economic Review Vol. 97 No. 3 2007

Measuring Self-Control Problems

John Ameriks¹; Andrew Caplin²; John Leahy³; Tom R. Tyler⁴

¹ Vanguard, P.O. Box 2600, MSV37, Valley Forge, PA 19482. · ² Department of Economics, New York University, 19 West 4th St., New York, NY 10012. · ³ Department of Economics, NYU, 19 West 4th St., New York, NY 10012. · ⁴ Department of Psychology, NYU, 6 Washington Place, New York, NY 10003.

Abstract

We develop a survey instrument to measure self-control problems in a sample of highly educated adults. This measure relates in the manner that theory predicts to liquid wealth accumulation and personality measures. Yet while self-control problems are typically seen as resulting in overconsumption and low wealth, we identify a significant group who underconsume and thereby accumulate high levels of wealth. In addition, self-control problems are smaller in scale for older than for younger respondents. Those who put money aside in retirement accounts may be delaying access to a point at which self-control problems are no longer important.

DOI

10.1257/aer.97.3.966

Volume

97

Issue

3

Pages

966-972

Language

en

Sources

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Cite

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