Performance of procrastinators: on the value of deadlines

Earlier study has shown that procrastination can be explained by quasi‐hyperbolic discounting. We present a model of effort choice over time that shifts the focus from completion of to performance on a single task. We find that being aware of the own self‐control problems may reduce a person’s performance as well as his or her overall well‐being, which is in contrast to the existing literature on procrastination. Extending this framework to a multi‐task model, we show that interim deadlines help a quasi‐hyperbolic discounter to structure his or her workload more efficiently, which in turn leads to better performance. Moreover, being restricted by deadlines increases a quasi‐hyperbolic discounter’s well‐being. Thus, we provide a theoretical underpinning for recent empirical evidence and numerous casual observations.