Psychology of Economic Decision-Making
Akrasia is a term that describes a state of acting against one's better judgment or a lack of self-control, often leading to procrastination or failure to follow through on intentions. It highlights the struggle between knowing what is best for oneself and the inability to act accordingly, often due to immediate desires overriding long-term goals. Understanding akrasia is essential for developing effective commitment devices and self-regulation strategies to enhance personal decision-making.
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