Maggs Bros.

The ‘third classic book’ by the Nobel Prize winning economist Thomas C. Schelling, focusing ‘on conflicts within individuals. Economics has traditionally treated the individual as a unified and internally consistent utility maximizer. Yet difficulties with reconciling conflicting impulses are central to the human experience. The problem of addiction, Schelling suggests, entails a failure to manage inner conflicts. It arises from inadequate self-control. The key insight of Choice and Consequence is that problems of self-control are commonly dampened, if not resolved fully, through tricks of the mind, social institutions, and public policies’ (New Palgrave).

Schelling was awarded the 2005 Nobel Prize in Economic Science for ‘having enhanced our understanding of conflict and cooperation through game theory analysis’.