期刊
JOURNAL OF RISK AND UNCERTAINTY
卷 55, 期 2-3, 页码 119-145出版社
SPRINGER
DOI: 10.1007/s11166-018-9272-8
关键词
Time preferences; Time-inconsistency; Health; Energy; Risk and time; Discounting; Present bias
资金
- University of Virginia Bankard Fund
We investigate the predictive power of survey-elicited time preferences. The discount factor elicited from choice experiments using real payments predicts various health, energy, and financial outcomes, including overall self-reported health, smoking, installing energy-efficient lighting, and credit card balance. Allowing for time-inconsistent preferences, both the long-run and present-bias discount factors (delta and beta) are also significantly associated in the expected direction with several outcomes. We consider several hypotheses regarding the strength of the association between discount factors and outcomes, such as salience of the outcome or liquidity constraints.
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