Beyond Beta-Delta: The Emerging Economics of Personal Plans

John  Beshears; Katherine L. Milkman; Joshua  Schwartzstein

Article | American Economic Review: Papers and Proceedings

Beyond Beta-Delta: The Emerging Economics of Personal Plans

by John Beshears, Katherine L. Milkman and Joshua Schwartzstein

Abstract

People make personal plans regarding whether, when, where, and how to undertake certain actions. We discuss three questions related to personal plans. First, what are the effects of plans on behavior? Second, when are plans formed? Third, how do plans deviate from optimality? For each of these questions, we (a) offer a brief overview of research that sheds light on the issue and (b) identify gaps in current knowledge. We emphasize connections to the growing theoretical literature that gives personal plans a substantive role, but we conclude that more research is needed, especially on the latter two questions we cover.

Keywords: Behavior; Planning;

Format: Print

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Citation:

Beshears, John, Katherine L. Milkman, and Joshua Schwartzstein. "Beyond Beta-Delta: The Emerging Economics of Personal Plans." American Economic Review: Papers and Proceedings 106, no. 5 (May 2016): 430–434.

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Beyond Beta-Delta: The Emerging Economics of Personal Plans

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