Self-Control and Commitment
We often hear we lack self-control , but do we truly grasp its meaning? Let's break it down, exploring the perspective of the father of behavioural economics: Howard Rachlin . Intertemporal choices, the decisions we make that involve trading off immediate pleasures for delayed benefits, are often narrated through tales like this: "Faced with the decision of another cigarette, or another Cuba Libre, individuals weigh these choices against the promise of a healthier life." This narrative frames decisions as a trade-off between two positive outcomes -an immediate pleasure and the allure of a better future. However, Howard Rachlin challenged this binary view, suggesting that individuals might interpret the dilemma as a choice between an immediate good (smoking now) and a delayed bad (emphysema). Consider the term "healthier" as vague and abstract. Rachlin's major contribution lies in reframing this narrative. People often give up cigarettes not solely for a &quo