Psychological and Biological Foundations of Time Preference
AbstractThis paper considers the relationship between the economic concept of time preference and relevant concepts from psychology and biology. Using novel data from a time diary study conducted in Ireland that combined detailed psychometric testing with medical testing and real-time bio-tracking, we examine the extent to which individual differences in financial discounting are related to underlying biological and psychological differences. The paper finds that financial discounting is related to a range of psychological variables including consideration of future consequences, self-control, conscientiousness, extraversion, and experiential avoidance, as well as being predicted by heart rate variability and blood pressure. (JEL: D01, D9, C81) (c) 2009 by the European Economic Association.
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Bibliographic InfoArticle provided by MIT Press in its journal Journal of the European Economic Association.
Volume (Year): 7 (2009)
Issue (Month): 2-3 (04-05)
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Web page: http://www.mitpressjournals.org/jeea
Find related papers by JEL classification:
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D9 - Microeconomics - - Intertemporal Choice and Growth
- C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
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- Becker Anke & Deckers Thomas & Dohmen Thomas & Falk Armin & Kosse Fabian, 2012.
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- Anke Becker & Thomas Deckers & Thomas Dohmen & Armin Falk & Fabian Kosse, 2012. "The Relationship Between Economic Preferences and Psychological Personality Measures," Annual Review of Economics, Annual Reviews, vol. 4(1), pages 453-478, 07.
- Becker Anke & Deckers Thomas & Dohmen Thomas & Falk Armin & Kosse Fabian, 2012. "The relationship between economic preferences and psychological personality measures," Research Memoranda 012, Maastricht : ROA, Research Centre for Education and the Labour Market.
- Anke Becker & Thomas Deckers & Thomas Dohmen & Armin Falk & Fabian Kosse, 2012. "The Relationship between Economic Preferences and Psychological Personality Measures," CESifo Working Paper Series 3785, CESifo Group Munich.
- Becker, Anke & Deckers, Thomas & Dohmen, Thomas & Falk, Armin & Kosse, Fabian, 2012. "The Relationship Between Economic Preferences and Psychological Personality Measures," IZA Discussion Papers 6470, Institute for the Study of Labor (IZA).
- Robert Metcalfe & Simon Burgess & Steven Proud, 2011.
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11/276, Department of Economics, University of Bristol, UK.
- Robert Metcalfe & Simon Burgess and Steven Proud, 2011. "Student effort and educational attainment: Using the England football team to identify the education production function," Economics Series Working Papers 586, University of Oxford, Department of Economics.
- Heckman, James J., 2011.
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- Mathilde Almlund & Angela Lee Duckworth & James J. Heckman & Tim D. Kautz, 2011.
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16822, National Bureau of Economic Research, Inc.
- Sergio Beraldo & Raul Caruso & Gilberto Turati, 2011. "Life is now! Time discounting and crime: evidence from the Italian regions (2002-2007)," ICER Working Papers 18-2011, ICER - International Centre for Economic Research.
- Drichoutis, Andreas & Nayga, Rodolfo, 2012. "Do risk and time preferences have biological roots?," MPRA Paper 37320, University Library of Munich, Germany.
- Sergio Beraldo & Raul Caruso & Gilberto Turati, 2012. "Life is Now! Time Discounting and Crime: Aggregate Evidence from the Italian Regions (2002-2007)," Working papers 013, Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
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