Willpower as a Scarce Resource

Smoking vs overeating: but overeating doesn't exist - it's actually underexercising, which insight immediately explains the observation.

THIS logical connection between psychology and economics underlines the importance of behavioral economics. Pity mathmeticians highjacked economics in the 1920's.

There is an active market available willing to turn any reliable stream of payments (trust funds, lottery winnings) into a lump sum available now. Would the agent choosing a lump sum represent a failure (exhaustion) of willpower within the model or counterexample to the model?

the curious fact that people who are careful about health in some dimensions (such as not smoking) are often careless in others (such as overeating)

Well, nicotine intake reduces appetite, so it'd be more curious if the opposite were true.