Advanced Search
MyIDEAS: Login to save this paper or follow this series

Impatience and Uncertainty: Experimental Decisions Predict Adolescents' Field Behavior

Contents:

Author Info

  • Matthias Sutter
  • Martin G. Kocher
  • Daniela Rützler
  • Stefan T. Trautmann

Abstract

We study risk attitudes, ambiguity attitudes, and time preferences of 661 children and adolescents, aged ten to eighteen years, in an incentivized experiment and relate experimental choices to field behavior. Experimental measures of impatience are found to be significant predictors of health-related field behavior, saving decisions and conduct at school. In particular, more impatient children and adolescents are more likely to spend money on alcohol and cigarettes, have a higher body mass index, are less likely to save money and show worse conduct at school. Experimental measures for risk and ambiguity attitudes are only weak predictors of field behavior.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.cesifo-group.de/portal/page/portal/DocBase_Content/WP/WP-CESifo_Working_Papers/wp-cesifo-2011/wp-cesifo-2011-11/cesifo1_wp3635.pdf
Download Restriction: no

Bibliographic Info

Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3635.

as in new window
Length:
Date of creation: 2011
Date of revision:
Handle: RePEc:ces:ceswps:_3635

Contact details of provider:
Postal: Poschingerstrasse 5, 81679 Munich
Phone: +49 (89) 9224-0
Fax: +49 (89) 985369
Email:
Web page: http://www.cesifo.de
More information through EDIRC

Related research

Keywords: experiments with children and adolescents; risk; ambiguity; time preferences; health status; savings; conduct at school; external validity;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Chabris, Christopher F. & Laibson, David I. & Morris, Carrie L. & Schuldt, Jonathon P. & Taubinsky, Dmitry, 2008. "Individual Laboratory-Measured Discount Rates Predict Field Behavior," Scholarly Articles 11130522, Harvard University Department of Economics.
  2. William T. Harbaugh & Kate Krause & Lise Vesterlund, 1999. "Risk attitudes of children and adults: choices over small and large probability gains and losses," University of Oregon Economics Department Working Papers, University of Oregon Economics Department 1999-2, University of Oregon Economics Department.
  3. Gabriel D. Carroll & James J. Choi & David Laibson & Brigitte Madrian & Andrew Metrick, 2005. "Optimal Defaults and Active Decisions," NBER Working Papers 11074, National Bureau of Economic Research, Inc.
  4. Borghans Lex & Golsteyn Bart & Heckman James & Meijers Huub, 2009. "Gender Differences in Risk Aversion and Ambiguity Aversion," ROA Research Memorandum, Maastricht University, Research Centre for Education and the Labour Market (ROA) 005, Maastricht University, Research Centre for Education and the Labour Market (ROA).
  5. Khwaja, A. & Sloan, F.A. & Salm, M., 2006. "Evidence on preferences and subjective beliefs of risk takers: The case of smokers," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3160134, Tilburg University.
  6. Dohmen, Thomas & Falk, Armin & Huffman, David B. & Sunde, Uwe, 2007. "Are Risk Aversion and Impatience Related to Cognitive Ability?," IZA Discussion Papers 2735, Institute for the Study of Labor (IZA).
  7. Noor, Jawwad, 2011. "Intertemporal choice and the magnitude effect," Games and Economic Behavior, Elsevier, Elsevier, vol. 72(1), pages 255-270, May.
  8. Moreira, Bruno & Matsushita, Raul & Da Silva, Sergio, 2008. "Risk-seeking behavior of preschool children in a gambling task," MPRA Paper 15516, University Library of Munich, Germany.
  9. Dohmen Thomas & Falk Armin & Huffman David & Sunde Uwe & Schupp Jürgen & Wagner Gert G., 2009. "Individual Risk Attitudes: Measurement, Determinants and Behavioral Consequences," Research Memorandum 039, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  10. Yoram Halevy, 2008. "Strotz Meets Allais: Diminishing Impatience and the Certainty Effect," American Economic Review, American Economic Association, American Economic Association, vol. 98(3), pages 1145-62, June.
  11. Bonin, Holger & Dohmen, Thomas J. & Falk, Armin & Huffman, David & Sunde, Uwe, 2007. "Cross-sectional earnings risk and occupational sorting: The role of risk attitudes," Munich Reprints in Economics, University of Munich, Department of Economics 20204, University of Munich, Department of Economics.
  12. Burks, Stephen V. & Carpenter, Jeffrey P. & Götte, Lorenz & Rustichini, Aldo, 2008. "Cognitive Skills Explain Economic Preferences, Strategic Behavior, and Job Attachment," IZA Discussion Papers 3609, Institute for the Study of Labor (IZA).
  13. Lex Borghans & Bart H.H. Golsteyn & James J. Heckman & Huub Meijers, 2009. "Gender Differences in Risk Aversion and Ambiguity," Working Papers, Geary Institute, University College Dublin 200903, Geary Institute, University College Dublin.
  14. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  15. Anne Case & Darren Lubotsky & Christina Paxson, 2002. "Economic Status and Health in Childhood: The Origins of the Gradient," American Economic Review, American Economic Association, American Economic Association, vol. 92(5), pages 1308-1334, December.
  16. Judith Lammers & Sweder van Wijnbergen, 2007. "HIV/AIDS, Risk Aversion and Intertemporal Choice," Tinbergen Institute Discussion Papers 07-098/1, Tinbergen Institute, revised 31 Jan 2008.
  17. repec:feb:artefa:0047 is not listed on IDEAS
  18. Carman, Katherine Grace & Kooreman, Peter, 2011. "Flu Shots, Mammograms, and the Perception of Probabilities," IZA Discussion Papers 5739, Institute for the Study of Labor (IZA).
  19. Stephan Meier & Charles Sprenger, 2010. "Present-Biased Preferences and Credit Card Borrowing," American Economic Journal: Applied Economics, American Economic Association, American Economic Association, vol. 2(1), pages 193-210, January.
  20. Uri Gneezy & Kenneth L. Leonard & John A. List, 2009. "Gender Differences in Competition: Evidence From a Matrilineal and a Patriarchal Society," Econometrica, Econometric Society, Econometric Society, vol. 77(5), pages 1637-1664, 09.
  21. Bleichrodt, Han & Rohde, Kirsten I.M. & Wakker, Peter P., 2009. "Non-hyperbolic time inconsistency," Games and Economic Behavior, Elsevier, Elsevier, vol. 66(1), pages 27-38, May.
  22. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, American Economic Association, vol. 92(5), pages 1644-1655, December.
  23. William Harbaugh & Kate Krause & Lise Vesterlund, 2002. "Risk attitudes of children and adults: Choices over small and large probability gains and losses," Artefactual Field Experiments, The Field Experiments Website 00055, The Field Experiments Website.
  24. Uri Gneezy & John List & George Wu, 2006. "The uncertainty effect: When a risky prospect is valued less than its worst possible outcome," Framed Field Experiments, The Field Experiments Website 00152, The Field Experiments Website.
  25. Sutter, Matthias & Kocher, Martin G., 2007. "Trust and trustworthiness across different age groups," Games and Economic Behavior, Elsevier, Elsevier, vol. 59(2), pages 364-382, May.
  26. Bettinger, Eric & Slonim, Robert, 2007. "Patience among children," Journal of Public Economics, Elsevier, Elsevier, vol. 91(1-2), pages 343-363, February.
  27. Halevy, Yoram, 2005. "Ellsberg Revisited: an Experimental Study," Microeconomics.ca working papers, Vancouver School of Economics halevy-05-07-26-11-51-13, Vancouver School of Economics, revised 25 Feb 2014.
  28. Stephen Morris, 1997. "Risk, uncertainty and hidden information," Theory and Decision, Springer, Springer, vol. 42(3), pages 235-269, May.
  29. Marco Castillo & Paul Ferraro & Jeff Jordan & Ragan Petrie, 2008. "The Today and Tomorrow of Kids," Experimental Economics Center Working Paper Series, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University 2008-10, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University.
  30. Drazen Prelec, 2004. "Decreasing Impatience: A Criterion for Non-stationary Time Preference and "Hyperbolic" Discounting," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 106(3), pages 511-532, October.
  31. Stefan Trautmann & Ferdinand Vieider & Peter Wakker, 2008. "Causes of ambiguity aversion: Known versus unknown preferences," Journal of Risk and Uncertainty, Springer, Springer, vol. 36(3), pages 225-243, June.
  32. Peter Martinsson & Katarina Nordblom & Daniela R?tzler & Matthias Sutter, 2010. "BSocial preferences during childhood and the role of gender and age ? An experiment in Austria and Sweden," Working Papers, Faculty of Economics and Statistics, University of Innsbruck 2010-28, Faculty of Economics and Statistics, University of Innsbruck.
  33. Daniel Read, 2005. "Monetary incentives, what are they good for?," Journal of Economic Methodology, Taylor & Francis Journals, Taylor & Francis Journals, vol. 12(2), pages 265-276.
  34. Vital Anderhub & Werner Güth & Uri Gneezy & Doron Sonsino, 2001. "On the Interaction of Risk and Time Preferences: An Experimental Study," German Economic Review, Verein für Socialpolitik, Verein für Socialpolitik, vol. 2(3), pages 239-253, 08.
  35. Rachel Croson & Uri Gneezy, 2009. "Gender Differences in Preferences," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 448-74, June.
  36. Curley, Shawn P. & Yates, J. Frank & Abrams, Richard A., 1986. "Psychological sources of ambiguity avoidance," Organizational Behavior and Human Decision Processes, Elsevier, Elsevier, vol. 38(2), pages 230-256, October.
  37. Albrecht, Konstanze & Volz, Kirsten G. & Sutter, Matthias & Laibson, David I. & Yves von Cramon, D., 2011. "What Is for Me Is Not for You: Brain Correlates of Intertemporal Choice for Self and Other," Scholarly Articles 9972760, Harvard University Department of Economics.
  38. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
  39. Noor, Jawwad, 2009. "Hyperbolic discounting and the standard model: Eliciting discount functions," Journal of Economic Theory, Elsevier, Elsevier, vol. 144(5), pages 2077-2083, September.
  40. Keren, Gideon & Roelofsma, Peter, 1995. "Immediacy and Certainty in Intertemporal Choice," Organizational Behavior and Human Decision Processes, Elsevier, Elsevier, vol. 63(3), pages 287-297, September.
  41. Meier, Stephan & Sprenger, Charles, 2008. "Discounting Financial Literacy: Time Preferences and Participation in Financial Education Programs," IZA Discussion Papers 3507, Institute for the Study of Labor (IZA).
  42. Arthur E. Attema & Han Bleichrodt & Kirsten I. M. Rohde & Peter P. Wakker, 2010. "Time-Tradeoff Sequences for Analyzing Discounting and Time Inconsistency," Management Science, INFORMS, INFORMS, vol. 56(11), pages 2015-2030, November.
  43. Jawwad Noor, 2007. "Hyperbolic Discounting and the Standard Model," Boston University - Department of Economics - Working Papers Series, Boston University - Department of Economics WP2007-028, Boston University - Department of Economics.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page.

Lists

This item is featured on the following reading lists or Wikipedia pages:
  1. Impatience and Uncertainty: Experimental Decisions Predict Adolescents' Field Behavior (AER 2013) in ReplicationWiki

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:ces:ceswps:_3635. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Julio Saavedra).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.