Working over Time: Dynamic Inconsistency in Real Effort Tasks*
通过纵向实验比较货币与真实努力任务中的时间偏好，发现努力任务中呈现更明显的现时偏向，且这种偏向能预测对承诺设备的需求，验证了动态不一致模型的关键含义。
Abstract Experimental tests of dynamically inconsistent time preferences have largely relied on choices over time-dated monetary rewards. Several recent studies have failed to find the standard patterns of present bias. However, such monetary studies contain often-discussed confounds. In this article, we sidestep these confounds and investigate choices over consumption (real effort) in a longitudinal experiment. We pair this effort study with a companion monetary discounting study. We confirm very limited time inconsistency in monetary choices. However, subjects show considerably more present bias in effort. Furthermore, present bias in the allocation of work has predictive power for demand of a meaningfully binding commitment device. Therefore our findings validate a key implication of models of dynamic inconsistency, with corresponding policy implications.