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Does time preference change with age?

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Author Info
David M. Bishai ()

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Abstract

This study looks at compensating differentials in the National Longitudinal Survey of Youth (NLSY) to derive estimates of the levels of time preference for labor force participants in each of 15 waves of data from 1979 to 1994. With these estimates the evolution of time preference over the life course is described. Future utility among labor force participants appears to be valued more highly by subjects who are older, more schooled, white, or male. Controlling for schooling level, a higher IQ is associated with a preference for more immediate rewards. If social rates of time preference are correlated with individual rates of time preference then population aging could create intergenerational asymmetries in the social rate of time preference. This phenomenon could make the optimal investments of young populations appear selfish to future generations that are older. Copyright Springer-Verlag 2004

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File URL: http://hdl.handle.net/10.1007/s00148-004-0187-0
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Publisher Info
Article provided by Springer in its journal Population Economics.

Volume (Year): 17 (2004)
Issue (Month): 4 (December)
Pages: 583-602
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Handle: RePEc:spr:jopoec:v:17:y:2004:i:4:p:583-602

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Related research
Keywords: H43; J31; J28; Time preference; compensating differentials; aging;

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  1. Junji Kageyama, 2009. "On the intertemporal allocation of consumption, mortality and life-history strategies," MPIDR Working Papers WP-2009-008, Max Planck Institute for Demographic Research, Rostock, Germany. [Downloadable!]
  2. Liam Delaney & Orla Doyle, 2008. "The Early Childhood Determinants Of Time Preferences," Working Papers 200834, Geary Institute, University College Dublin. [Downloadable!]
  3. Harrell Chesson & Jami Leichliter & Gregory Zimet & Susan Rosenthal & David Bernstein & Kenneth Fife, 2006. "Discount rates and risky sexual behaviors among teenagers and young adults," Journal of Risk and Uncertainty, Springer, vol. 32(3), pages 217-230, May. [Downloadable!] (restricted)
  4. Irina Grafova, 2007. "Your Money or Your Life: Managing Health, Managing Money," Journal of Family and Economic Issues, Springer, vol. 28(2), pages 285-303, June. [Downloadable!] (restricted)
  5. C.Y. Cyrus Chu & Hung-Ken Chien & Ronald D. Lee, 2008. "The Evolutionary Theory of Time Preferences and Intergenerational Transfers," NBER Working Papers 14185, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Arthur J. Robson & Larry Samuelson, 2009. "The Evolution of Time Preference with Aggregate Uncertainty," Levine's Working Paper Archive 814577000000000087, David K. Levine. [Downloadable!]
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