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Bringing in the FutureStrategies for Farsightedness and Sustainability in Developing Countries$
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William Ascher

Print publication date: 2009

Print ISBN-13: 9780226029160

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226029184.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 17 May 2022

Self-Restraint Instruments

Self-Restraint Instruments

(p.119) Chapter Seven Self-Restraint Instruments
Bringing in the Future

William Ascher

University of Chicago Press

This chapter describes self-restricting measures for overcoming obstacles to farsighted commitments. The broad sets of strategies include stimulus control, hands-tying, and reputation building. Hands-tying can be effected by increasing the costs of reneging and by decreasing the capacity of the decision maker to change course. Arrangements that precommit resources reflect the logic of both stimulus control and hands-tying. Policies involving “collateral” to be surrendered if promises are not kept are also rare, yet a few parallels can be found. Conditional commitments can gain more credibility if they involve conditional hands-tying or a self-hostaging arrangement. The contrast between perpetual and self-liquidating foundations raises a significant issue of how the degree of farsightedness can be compared across different strategies. The paradoxical logic of limiting one's control in order to improve one's effectiveness can be remarkably potent in the right circumstances.

Keywords:   self-restricting measures, farsighted commitments, stimulus control, hands-tying, reputation building, farsightedness

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