Self-regulation through Goal Setting

TY - JOUR

T1 - Self-regulation through Goal Setting

AU - Koch, Alexander

AU - Nafziger, Julia

PY - 2011

Y1 - 2011

N2 - Goals are an important motivator. But little is known about why and how people set them. We address this issue in a model based on two stylized facts. i) Goals serve as reference points for performance. ii) Present-biased preferences create self-control problems. We show the power and limits of self-regulation through goals. Goals increase an individual's motivation - but only up to a certain point. And they are painful self-disciplining devices. Greater self-control problems may result in tougher goals; but for a severe present bias goals either lack motivating force, or are too painful to be accepted.

AB - Goals are an important motivator. But little is known about why and how people set them. We address this issue in a model based on two stylized facts. i) Goals serve as reference points for performance. ii) Present-biased preferences create self-control problems. We show the power and limits of self-regulation through goals. Goals increase an individual's motivation - but only up to a certain point. And they are painful self-disciplining devices. Greater self-control problems may result in tougher goals; but for a severe present bias goals either lack motivating force, or are too painful to be accepted.

KW - Goals

KW - Self-control

KW - Motivation

KW - Time inconsistency

KW - Psychology

U2 - 10.1111/j.1467-9442.2010.01641.x

DO - 10.1111/j.1467-9442.2010.01641.x

M3 - Journal article

SN - 0347-0520

VL - 113

SP - 212

EP - 227

JO - The Scandinavian Journal of Economics

JF - The Scandinavian Journal of Economics

IS - 1

ER -