How to Measure Time Preferences: An Experimental Comparison of Three Methods

How to Measure Time Preferences: An Experimental Comparison of Three Methods

In two studies, time preferences for financial gains and losses at delays of up to 50 years were elicited using three different methods: matching, fixed-sequence choice titration, and a dynamic “staircase” choice method. Matching was found to create fewer demand characteristics and to produce better...

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Veröffentlicht in:Judgment and Decision Making 2013-05, Vol.8 (3), p.236-250
Hauptverfasser: Hardisty, David J., Thompson, Katherine F., Krantz, David H., Weber, Elke U.
Format: Artikel
Sprache:eng
Schlagworte:
Consumer behavior
Consumer credit
Decision making
Discount rates
discounting
Hypotheses
measurement
method.NAKeywords
Methods
Preferences
Present value
Psychological aspects
Statistical analysis
Studies
time preference
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Zusammenfassung:In two studies, time preferences for financial gains and losses at delays of up to 50 years were elicited using three different methods: matching, fixed-sequence choice titration, and a dynamic “staircase” choice method. Matching was found to create fewer demand characteristics and to produce better fits with the hyperbolic model of discounting. The choice-based measures better predicted real-world outcomes such as smoking and payment of credit card debt. No consistent advantages were found for the dynamic staircase method over fixed-sequence titration.
ISSN:1930-2975
1930-2975
DOI:10.1017/S1930297500005957