Measuring Self-Control Problems

While models of self-control problems have proliferated in recent years, there have been few corresponding advances in measurement. We develop a survey instrument to measure selfcontrol problems and apply it to a sample of highly educated adults. Measured self-control relates in the anticipated manner to wealth accumulation and standard personality measures. Yet while self-control problems are typically seen as resulting in overconsumption and low wealth, we identify a significant group who underconsume and thereby accumulate high levels of wealth. In addition, self-control problems are found to be smaller in scale for older than for younger respondents. Those who put money aside in retirement accounts may be delaying access to a point at which self-control problems are no longer important. Continued advances in measurement are essential to guide development of self-control models in empirically relevant directions.