Focusing as commitment.

I analyze the decisions of a β − δ consumer who, through effort invested in focusing on the future, sets the δ that will apply to her self in the next period. She has access to no other commitment technology. Because the model interprets dynamic inconsistency in a way that gives rise to the demand for costly self-control, it disambiguates the welfare benefit of commitment devices that limit future options. It explains why cognitive loading is associated with impulsivity, why U.S. savings rates have exhibited increased income stratification since the 1980s, and what visionary leadership and role models signify in economic terms. [ABSTRACT FROM AUTHOR]