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Dual-Self Model

Definition 1

In economics, dual-self models deal with the inconsistency between the patient long-run self and myopic short-run self. With respect to savings behavior, Thaler and Shefrin (1981) introduced the concepts of the farsighted planner and myopic doer. At any point in time, there is a conflict between those selves with two sets of preferences. The approach helps economic theorists overcome the paradox created by self-control in standard views of utility.

Source: Behavioral Economics

Definition 2

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