Which measures of time preference best predict outcomes: Evidence from a large-scale field experiment
► A variety of different methods have been developed to measure time preferences. ► It is unclear which measures best predict outcomes. ► A large sample of non-students is surveyed using many of the standard methods. ► The (β, δ) formulation of present bias and exponential discounting predicts best....
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| Veröffentlicht in: | Journal of economic behavior & organization 2012-09, Vol.84 (1), p.308-320 |
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| container_end_page | 320 |
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| container_issue | 1 |
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| container_title | Journal of economic behavior & organization |
| container_volume | 84 |
| creator | Burks, Stephen Carpenter, Jeffrey Götte, Lorenz Rustichini, Aldo |
| description | ► A variety of different methods have been developed to measure time preferences. ► It is unclear which measures best predict outcomes. ► A large sample of non-students is surveyed using many of the standard methods. ► The (β, δ) formulation of present bias and exponential discounting predicts best.
Economists and psychologists have devised numerous instruments to measure time preferences and have generated a rich literature examining the extent to which time preferences predict important outcomes; however, we still do not know which measures work best. With the help of a large sample of non-student participants and administrative data on outcomes, we gather four different time preference measures and test the extent to which they predict both on their own and when they are all forced to compete head-to-head. Our results suggest that the now familiar (β, δ) formulation of present bias and exponential discounting predicts best, especially when both parameters are used. |
| doi_str_mv | 10.1016/j.jebo.2012.03.012 |
| format | Article |
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Economists and psychologists have devised numerous instruments to measure time preferences and have generated a rich literature examining the extent to which time preferences predict important outcomes; however, we still do not know which measures work best. With the help of a large sample of non-student participants and administrative data on outcomes, we gather four different time preference measures and test the extent to which they predict both on their own and when they are all forced to compete head-to-head. Our results suggest that the now familiar (β, δ) formulation of present bias and exponential discounting predicts best, especially when both parameters are used.</description><identifier>ISSN: 0167-2681</identifier><identifier>EISSN: 1879-1751</identifier><identifier>DOI: 10.1016/j.jebo.2012.03.012</identifier><identifier>CODEN: JEBOD9</identifier><language>eng</language><publisher>Amsterdam: Elsevier B.V</publisher><subject>Bias ; Consumption ; Discounting ; Economic behaviour ; Economic conditions ; Economic organization ; Economic theory ; Economists ; Field experiment ; Field work ; Impatience ; Measurement ; Parameters ; Preferences ; Present bias ; Psychologists ; Studies ; Time preference</subject><ispartof>Journal of economic behavior & organization, 2012-09, Vol.84 (1), p.308-320</ispartof><rights>2012 Elsevier B.V.</rights><rights>Copyright Elsevier Sequoia S.A. Sep 2012</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c601t-ba8d159c09dfa34a179dde9a00c5c38950954aa8b4a938edec085bf4b16405e83</citedby><cites>FETCH-LOGICAL-c601t-ba8d159c09dfa34a179dde9a00c5c38950954aa8b4a938edec085bf4b16405e83</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.sciencedirect.com/science/article/pii/S0167268112000674$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,776,780,3537,27903,27904,30978,30979,65309</link.rule.ids></links><search><creatorcontrib>Burks, Stephen</creatorcontrib><creatorcontrib>Carpenter, Jeffrey</creatorcontrib><creatorcontrib>Götte, Lorenz</creatorcontrib><creatorcontrib>Rustichini, Aldo</creatorcontrib><title>Which measures of time preference best predict outcomes: Evidence from a large-scale field experiment</title><title>Journal of economic behavior & organization</title><description>► A variety of different methods have been developed to measure time preferences. ► It is unclear which measures best predict outcomes. ► A large sample of non-students is surveyed using many of the standard methods. ► The (β, δ) formulation of present bias and exponential discounting predicts best.
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| ispartof | Journal of economic behavior & organization, 2012-09, Vol.84 (1), p.308-320 |
| issn | 0167-2681 1879-1751 |
| language | eng |
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| source | Applied Social Sciences Index & Abstracts (ASSIA); Elsevier ScienceDirect Journals |
| subjects | Bias Consumption Discounting Economic behaviour Economic conditions Economic organization Economic theory Economists Field experiment Field work Impatience Measurement Parameters Preferences Present bias Psychologists Studies Time preference |
| title | Which measures of time preference best predict outcomes: Evidence from a large-scale field experiment |
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