Editing Time preference (section)

=== Temptation ===
Classic economic theory says that more options does not decrease utility. If you are given a completely useless option, it does not hurt you, because you can simply decide not to take it, and your information only increases. However, dynamic inconsistencies can be explained by rational beliefs and temptation. Essentially, there is a psychological cost to resisting the temptation of an activity, so you restrict your future choice set to not include the tempting activity for your long term benefit. Such theories explain why people pay in advance for commitment devices. For example, a person has to choose what to do in the future: nap or go to the gym. They may choose to form some sort of commitment device to go to the gym. Economic theory would argue that the person would be better off leaving the option to nap open, if there is no cost. However, theories of temptation argue that removing the option to nap removed the cost of rejecting the temptation to nap.<ref>{{Citation |last1=Ericson |first1=Keith Marzilli |title=Intertemporal Choice |date=December 2018 |type=Working Paper |url=https://www.nber.org/papers/w25358 |access-date=2024-11-18 |series=Working Paper Series |doi=10.3386/w25358 |last2=Laibson |first2=David}}</ref>