Weakness of Will and Delay Discounting

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Breakingone’sdietingruleorresolutiontoquitsmoking,procrastination,convenientlies,eventhefailureofentirenationstofollowthroughwithplanstocutgreenhousegasemissionsorkeepapandemicincheck-thesephenomenahavebeendiscussedbyphilosophersandbehaviouralscientistsasexamplesofweaknessofwillanddelaydiscounting.Despitethecommonsubjectmatterbothfieldshavetodaterarelyworkedtogetherformutualbenefit.Fortheempiricalliteratureishardlyaccessibletoareadernotfamiliarwitheconometrictheory;andresearchersinthebehaviouralsciencesmayfindphilosophicalaccountsinvokingdiscountingmodelsdifficulttounderstandwithoutinsideknowledgeofthedebatesandhistoricalbackground.NoraHeinzelmanntargetsthislacunabymakingtheideasandfindingsfrombothdisciplinesintelligibletooutsiders.Thisrevealsthatdiscounting-asphilosophershaveconceivedofit-isneithernecessarynorsufficientforweaknessofwill,eventhoughthereissubstantialoverlap.Heinzelmanndevelopsaricherdescriptiveaccountofweaknessofwillthatisbasedontheempiricallyfoundedassumptionthatweak-willedbehaviourisdeterminedbyuncertaintyaboutwhetherorwhenagoodmaterialises.Shealsoexplainswhyweaknessofthewillunderstoodinthiswayisirrational:theagentyieldstoacognitivebiasthatleadsthemtounderestimatethegreatergoodtheythinktheyoughttoandcanobtain.Finally,sheexplorespracticalimplicationsforindividualsandpolicymakers.