Weakness of will. The limitations of revealed preference theory

Abstract The phenomenon of weakness will – not doing what we perceive as the best action is recognized by neoclassical economics due to axiomatic assumptions revealed preference theory (RPT) that people do for them. However, present bias shows have different preferences over time. As they cannot be compared utility measurements, economists need normatively decide between selves (short- versus long-term preferences). A problem RPT value-free and incorporate within economic framework. assumption them leads theoretical practical dilemmas. This work examines resolve some shortcomings RPT. concept intention used provide multiple self conception with framework selves, which had been done before. paper concludes individuals should always follow their (desires) but intentions (reason) because latter indicates really want.