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Multi-Self Model and the Dual-Self Model Approaches to Self-Control Problems - Essay Example

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In this paper, first, the multi-self model-based approach is discussed followed by a similar discussion on the dual-self model. Next, the two models are mutually evaluated on the basis of the post-economic recession situation of the world…
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Multi-Self Model and the Dual-Self Model Approaches to Self-Control Problems
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Download file to see previous pages According to the research findings, it can, therefore, be said that the multi-self model is a complex topic in behavioral economics. Authors like Ambrus and Rozen have described it as a broader conception in the form of an array of self-control concepts or theories. As such, the concept of aggregator appears at the center of this approach. The aggregator can be understood as a behavioral and psychometric mechanism that organizes the available choices before the individual. The aggregator factors cumulate a suitable prioritized list of choices, and the individual’s sense of rational behavior ultimately leads him or her to select the most appropriate one for oneself. However, in the deep trenches of mind and thought processes, this one self is actually consisting of many selves. Hence, according to Ambrus and Rozen, one of the most important characteristics of a given set of aggregators is that the aggregation can be dependent on the consumer’s economic utilities and objectives. Therefore, if an individual is considered as a coherence of more than one economic self, then preferences of oneself may differ from that of another. Consequently, several contemporary models of “multi-self decision-making” utilize pieces of cardinal information that are embedded in the utility functions of an individual’s diverse economic selves. Aggregators being considered as the fundamentals of utility functions can also be defined as the intensity of preferences, which are capable of molding the dynamics of intra-personal economic decisions. However, this paradigm can be extended to inter-personal economic decisions too. ...Download file to see next pagesRead More
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