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Time-inconsistent, present-biased agents may hold commitment assets hoping to keep their current and future present bias in check. Paternalistic governments, in an effort to help such people, routinely offer commitment machinery such as restrictions (or bans) on early withdrawals from...
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-Samuelson result argues that, in theory, this is impossible. Later work has shown that it may be possible if agents, left on their own …
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-Samuelson result argues that, in theory, this is impossible. Later work has shown that it may be possible if agents, left on their own …
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