The theory is that there are two types of people in the world. Everyone has self-control problems, so that isn’t the distinguishing characteristic. Rather, some of us have come to terms with our impulsivity and are willing to take steps to rein it in. Behavioral economists call these people “sophisticates.” But not everyone in the world is a sophisticate, as evidenced by the debate that rages whenever I teach Wharton MBA students about Green Bank’s unusual savings product. Lots of people are instead overly optimistic about their ability to overcome their self-control problems through sheer
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