Measuring Time Preferences

Measuring Time Preferences

We review research that measures time preferences—i.e., preferences over intertemporal trade-offs. We distinguish between studies using financial flows, which we call “money earlier or later” (MEL) decisions, and studies that use time-dated consumption/effort. Under different structural models, we s...

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Veröffentlicht in:Journal of economic literature 2020-06, Vol.58 (2), p.299-347
Hauptverfasser: Cohen, Jonathan, Ericson, Keith Marzilli, Laibson, David, White, John Myles
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container_title Journal of economic literature
container_volume 58
creator Cohen, Jonathan
Ericson, Keith Marzilli
Laibson, David
White, John Myles
description We review research that measures time preferences—i.e., preferences over intertemporal trade-offs. We distinguish between studies using financial flows, which we call “money earlier or later” (MEL) decisions, and studies that use time-dated consumption/effort. Under different structural models, we show how to translate what MEL experiments directly measure (required rates of return for financial flows) into a discount function over utils. We summarize empirical regularities found in MEL studies and the predictive power of those studies. We explain why MEL choices are driven in part by some factors that are distinct from underlying time preferences.
doi_str_mv 10.1257/jel.20191074
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