Definition
- Bounded self-control
- Bounded self-control is having less than the complete self-control the model assumes, so people give in to temptation or pay a price to guard against it.
Example
Can you think of an example of bounded self-control?
Smokers often buy cigarettes by the pack rather than the cheaper carton. They pay more per cigarette to keep fewer in the house and so smoke less.
Test yourself
Can you name the four ways real decisions depart from the rational model?