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Psychological and Biological Foundations of Time Preference

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Author Info

  • Michael Daly
  • Liam Delaney
  • Colm P. Harmon

Abstract

This 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 Info

Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 7 (2009)
Issue (Month): 2-3 (04-05)
Pages: 659-669

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Handle: RePEc:tpr:jeurec:v:7:y:2009:i:2-3:p:659-669

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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Measuring diurnal biorythms
    by Liam Delaney in Economics and Psychology Research on 2012-04-03 13:43:00
  2. Papers on Personality and Economics
    by Liam Delaney in Economics and Psychology Research on 2012-04-18 10:30:00
  3. Journal session on personality and economics
    by Liam Delaney in Economics and Psychology Research on 2012-05-04 12:58:00
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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Cited by:
  1. Becker Anke & Deckers Thomas & Dohmen Thomas & Falk Armin & Kosse Fabian, 2012. "The Relationship Between Economic Preferences and Psychological Personality Measures," Research Memoranda 048, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
  2. Robert Metcalfe & Simon Burgess & Steven Proud, 2011. "Student effort and educational attainment: Using the England football team to identify the education production function," The Centre for Market and Public Organisation 11/276, Department of Economics, University of Bristol, UK.
  3. Heckman, James J., 2011. "Integrating Personality Psychology into Economics," IZA Discussion Papers 5950, Institute for the Study of Labor (IZA).
  4. Mathilde Almlund & Angela Lee Duckworth & James J. Heckman & Tim D. Kautz, 2011. "Personality Psychology and Economics," NBER Working Papers 16822, National Bureau of Economic Research, Inc.
  5. 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.
  6. Drichoutis, Andreas & Nayga, Rodolfo, 2012. "Do risk and time preferences have biological roots?," MPRA Paper 37320, University Library of Munich, Germany.
  7. 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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