The Limits of Self-Control

Can high self-control have drawbacks? Extensive research has shown the lifelong benefits of self-control for important outcomes such as education, health, income, and happiness. Far less work has been done on its potential negative impacts, where an overwhelmingly positive trait can end up having a less than positive effect on behavior. Recent research suggests that one such side effect may be an increased susceptibility to illusory control (IOC): in situations where actual control is limited but the potential for illusory control is high, high self-controllers may end up being more prone to overconfidence than low self-controllers, and this susceptibility may play out in suboptimal risk-taking behavior. Here, a series of five studies tests this causal chain, exploring the links between self-control and illusory control and the resulting impact of the relationship on risky decisions in the financial domain. In studies 1 and 2, high self-controllers consistently underperformed low self-controllers on two tasks of risk-taking, the Columbia Card Task and the Lottery Gambling Task. These effects persisted both under stress and in normal conditions. Individuals high in self-control fail