Self-rewards and personal motivation

TY - JOUR

T1 - Self-rewards and personal motivation

AU - Koch, Alexander Karl

AU - Nafziger, Julia

AU - Suvorov, Anton

AU - van den Ven, Jeroen

N1 - Campus adgang til artiklen / Campus access to the article

PY - 2014/5

Y1 - 2014/5

N2 - Self-administered rewards are ubiquitous. They serve as incentives for personal accomplishments and are widely recommended to increase personal motivation. We show that in a model with time-inconsistent and reference-dependent preferences, self-rewards can be a credible and effective tool to overcome self-control problems. We also discuss the different types of self-rewards the individual can use, such as vice goods and virtue goods, and analyze which types of goods the individual prefers.

AB - Self-administered rewards are ubiquitous. They serve as incentives for personal accomplishments and are widely recommended to increase personal motivation. We show that in a model with time-inconsistent and reference-dependent preferences, self-rewards can be a credible and effective tool to overcome self-control problems. We also discuss the different types of self-rewards the individual can use, such as vice goods and virtue goods, and analyze which types of goods the individual prefers.

KW - Quasi-hyperbolic discounting

KW - Reference-dependent preferences

KW - Self-control

KW - Self-rewards

KW - Goals

U2 - 10.1016/j.euroecorev.2014.03.002

DO - 10.1016/j.euroecorev.2014.03.002

M3 - Journal article

SN - 0014-2921

VL - 68

SP - 151

EP - 167

JO - European Economic Review

JF - European Economic Review

ER -