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Time Preference: Experiments and Foundations

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  • Jawwad Noor

    (Department of Economics, Boston University)

Abstract

In order to elicit discount functions, experiments commonly analyze how subjects trade-off money and time. However, discounting reveals itself most transparently in behavior obtained by fixing the money dimension and varying only the time dimension. This paper presents an experimental procedure that, in a sense made precise, better identifies the discount func- tion. The procedure is based on a general theorem that characterizes the set of discount functions and utility indices compatible with any regular preference (monotone weak order) over dated rewards. The money-time separability and curvature assumptions that are common in the literature are not required.

Suggested Citation

  • Jawwad Noor, 2011. "Time Preference: Experiments and Foundations," Boston University - Department of Economics - Working Papers Series WP2011-039, Boston University - Department of Economics.
    • Handle: RePEc:bos:wpaper:wp2011-039
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    Cited by:

    1. Xavier Giné & Jessica Goldberg & Dan Silverman & Dean Yang, 2018. "Revising Commitments: Field Evidence on the Adjustment of Prior Choices," Economic Journal, Royal Economic Society, vol. 128(608), pages 159-188, February.
    2. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2012. "Interpreting Time Horizon Effects in Inter-Temporal Choice," CESifo Working Paper Series 3750, CESifo.

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