This paper provides a behavioral foundation for the willpower as limited cognitive resource model which bridges the standard utility maximization and the Strotz models. Using the agent's ex ante preferences and ex post choices, we derive a representation that captures key behavioral traits of willpower constrained decision making. We use the model to study the pricing problem of a profit maximizing monopolist who faces consumers with limited willpower. We show that the optimal contract often consists of three alternatives and the consumer's choices reflect a form of the "compromise effect" which is induced endogenously.

中文翻译：

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意志力和妥协效应

本文为作为有限认知资源模型的意志力提供了行为基础，该模型连接了标准效用最大化和 Strotz 模型。使用代理的事前偏好和事后选择，我们推导出捕获意志力约束决策的关键行为特征的表示。我们使用该模型来研究面对意志力有限的消费者的利润最大化垄断者的定价问题。我们表明，最优合同通常由三个备选方案组成，消费者的选择反映了一种内生诱导的“妥协效应”。