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- W2038691330 abstract "We model the brain as a multi-agent organization. Based on recent neuroscience evidence, we assume that different systems of the brain have different time-horizons and different access to information. Introducing asymmetric information as a restriction on optimal choices generates endogenous constraints in decision-making. In this game played between brain systems, we show the optimality of a self-disciplining rule of the type work more if you want to more today and discuss its behavioral implications for the distribution of consumption over the life-cycle. We also argue that our dual-system theory provides micro-microfoundations for discounting and offer testable implications that depart from traditional models with no conflict and exogenous discounting. Last, we analyze a variant in which the agent has salient incentives or biased motivations. The previous rule is then replaced by a simple, non-intrusive precept of the type consume what you want, just don't abuse." @default.
- W2038691330 created "2016-06-24" @default.
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- W2038691330 date "2006-01-01" @default.
- W2038691330 modified "2023-09-23" @default.
- W2038691330 title "The Brain as a Hierarchical Organization" @default.
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- W2038691330 doi "https://doi.org/10.2139/ssrn.900245" @default.
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