Multiple selves concept

Definition

The multiple selves concept refers to the idea that individuals possess different 'selves' or identities that influence their thoughts, feelings, and decisions based on varying contexts. These distinct selves can sometimes conflict with one another, leading to internal struggles when it comes to self-regulation and decision-making, particularly regarding commitment devices that help manage these conflicting desires.

5 Must Know Facts For Your Next Test

1. The multiple selves concept highlights how individuals can have conflicting desires, like wanting to save money but also wanting to spend it on immediate pleasures.
2. This concept is essential in understanding why people struggle with self-regulation and often require commitment devices to align their short-term actions with long-term goals.
3. Different selves can emerge in various situations; for instance, a health-conscious self may clash with a 'party self' when faced with the choice of eating healthy or indulging at a social event.
4. Commitment devices, such as setting up automatic savings or pre-committing to a plan, can help mitigate the conflicts between different selves by promoting better decision-making.
5. Research shows that individuals who are aware of their multiple selves are more likely to implement strategies for self-regulation and make decisions that align with their long-term objectives.

Review Questions

• How does the multiple selves concept influence an individual's decision-making process when faced with conflicting desires?
  • The multiple selves concept reveals that individuals often experience internal conflicts due to having different identities or selves that advocate for different choices. For instance, one self may prioritize immediate gratification while another focuses on long-term goals. This tension can complicate decision-making as individuals may struggle to reconcile these competing interests. Understanding this dynamic can help in creating effective strategies for self-regulation.
• Discuss the role of commitment devices in managing the conflicts arising from the multiple selves concept.
  • Commitment devices play a crucial role in helping individuals navigate the challenges presented by the multiple selves concept. By implementing tools like automatic savings plans or setting deadlines for goal completion, people can create external constraints that guide their behavior towards more desirable outcomes. These devices help align short-term actions with long-term aspirations, effectively managing the inner conflict between competing selves and promoting healthier decision-making.
• Evaluate how an understanding of the multiple selves concept could lead to improved strategies for self-regulation in economic decision-making.
  • Understanding the multiple selves concept allows individuals to recognize and accept their conflicting desires, enabling them to design tailored self-regulation strategies. For example, by acknowledging that they have both a 'saver' self and a 'spender' self, individuals can adopt techniques like budgeting or utilizing commitment devices to harmonize these identities. This awareness fosters better planning and goal-setting in economic decisions, ultimately leading to more consistent behavior aligned with their long-term financial objectives.

Related terms

Hyperbolic Discounting: A behavioral economics theory that suggests individuals tend to prefer smaller, immediate rewards over larger, delayed ones, often leading to procrastination.

Self-Control: The ability to regulate one's emotions, thoughts, and behaviors in the face of temptations and impulses to achieve long-term goals.

Temporal Motivation Theory: A theory that posits that an individual's motivation to act is a function of the perceived value of a reward and the delay to receive it, influencing their decision-making process.