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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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Web page: http://www.mitpressjournals.org/jeea

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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. 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.
  2. Prevoo, Tyas & ter Weel, Bas, 2013. "The Importance of Early Conscientiousness for Socio-Economic Outcomes: Evidence from the British Cohort Study," IZA Discussion Papers 7537, Institute for the Study of Labor (IZA).
  3. Jonas Fooken & Markus Schaffner, 2013. "The role of psychological and physiological factors in decision making under risk and in a dilemma," QuBE Working Papers 010, QUT Business School.
  4. Delaney, Liam & Doyle, Orla, 2012. "Socioeconomic differences in early childhood time preferences," Journal of Economic Psychology, Elsevier, vol. 33(1), pages 237-247.
  5. 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.
  6. 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.
  7. Beraldo, Sergio & Caruso, Raul & Turati, Gilberto, 2013. "Life is now! Time Preferences and Crime: Aggregate Evidence from the Italian Regions," MPRA Paper 49865, University Library of Munich, Germany.
  8. Bas ter Weel & Tyas Prevoo, 2013. "The Importance of Early Conscientiousness for Socio-Economic Outcomes: Evidence from the British Cohort Study," CPB Discussion Paper 251, CPB Netherlands Bureau for Economic Policy Analysis.
  9. repec:dgr:umaror:2012012 is not listed on IDEAS
  10. repec:dgr:umamet:2012048 is not listed on IDEAS
  11. Delaney, Liam & Harmon, Colm & Ryan, Martin, 2013. "The role of noncognitive traits in undergraduate study behaviours," Economics of Education Review, Elsevier, vol. 32(C), pages 181-195.
  12. Heckman, James J., 2011. "Integrating Personality Psychology into Economics," IZA Discussion Papers 5950, Institute for the Study of Labor (IZA).
  13. Drichoutis, Andreas & Nayga, Rodolfo, 2012. "Do risk and time preferences have biological roots?," MPRA Paper 37320, University Library of Munich, Germany.
  14. David J. Hardisty & Katherine F. Thompson & David H. Krantz & Elke U. Weber, 2013. "How to measure time preferences: An experimental comparison of three methods," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 8(3), pages 236-249, May.
  15. 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.
  16. 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.

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