MRKT 452 Lecture Notes - Lecture 7: Light Switch, Junk Food, Precommitment
2 Mar 2018
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What is self-control: value long term gains over short term gains, high self-control: accept immediate pain for later gain, low self-control: seek immediate gain, but suffer later pain, ex: spurge on an expensive item when on a budget. How can we increase our self-control: baumeister model of self-control, high: deliberative/long-term decisions, low: impulsive/short term decisions, when is self-control required, strong emotions, love, desire, fear, anger. To resolve this, we are looking for immediate gains. These are valued more: resolve goal conflicts in advance. Make an inventory of different goals, note which conflict, and consciously try to resolve these conflicts. Which do you want to pursue: monitoring, keep track of your behavior. The more you use it, the more you will improve it: the three theories of self-control make different predictions about unplanned shopping, muscle, unplanned shopping goes up when you enter the mall. Pre-commitment: making a binding decision ahead of time.
