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Measuring Time Preferences
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DOI：10.1257/jel.20191074.png)
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Abstract
En 中文
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.
Keywords:
INDIVIDUAL DISCOUNT RATES
INTERTEMPORAL DECISION-MAKING
DELAYED HYPOTHETICAL MONEY
COLLECTIVE DYNAMIC CHOICE
GAIN-LOSS ASYMMETRY
SELF-CONTROL
RISK-AVERSION
FIELD EXPERIMENT
JOB SEARCH
DIMINISHING IMPATIENCE
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