Examlex
The TORCH acronym represents:
Precommitments
Binding agreements made in advance to restrict future actions or decisions, often used in behavioral economics to help individuals stick to long-term goals.
Time Inconsistency
The tendency of a person or entity to change their planned course of action over time due to a change in preferences.
Self-Control Problems
Self-control problems refer to the difficulty individuals face in resisting short-term temptations in order to achieve long-term goals.
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