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Validating an Ultra-Short Survey Measure of Patience

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  • Thomas Vischer
  • Thomas Dohmen
  • Armin Falk
  • David Huffman
  • Jürgen Schupp
  • Uwe Sunde
  • Gert G. Wagner

Abstract

This study presents results of the validation of an ultra-short survey measure of patience included in the German Socio-Economic Panel (SOEP). Survey responses predict intertemporal choice behavior in incentive-compatible decisions in a representative sample of the German adult population.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.411258.de/diw_sp0499.pdf
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Bibliographic Info

Paper provided by DIW Berlin, The German Socio-Economic Panel (SOEP) in its series SOEPpapers on Multidisciplinary Panel Data Research with number 499.

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Length: 8 p.
Date of creation: 2012
Date of revision:
Handle: RePEc:diw:diwsop:diw_sp499

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Keywords: Time preferences; discounting; validation of survey measures;

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References

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  1. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 40(2), pages 351-401, June.
  2. Gert G. Wagner & Joachim R. Frick & Jürgen Schupp, 2007. "The German Socio-Economic Panel Study (SOEP): Scope, Evolution and Enhancements," SOEPpapers on Multidisciplinary Panel Data Research 1, DIW Berlin, The German Socio-Economic Panel (SOEP).
  3. Rützler, Daniela & Sutter, Matthias & Kocher, Martin G. & Trautmann, Stefan T., 2011. "Impatience and Uncertainty: Experimental Decisions Predict Adolescents' Field Behavior," Annual Conference 2011 (Frankfurt, Main): The Order of the World Economy - Lessons from the Crisis, Verein für Socialpolitik / German Economic Association 48720, Verein für Socialpolitik / German Economic Association.
  4. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde, 2012. "Interpreting Time Horizon Effects in Inter-Temporal Choice," CESifo Working Paper Series 3750, CESifo Group Munich.
  5. Thomas Dohmen & Armin Falk & David Huffman & Uwe Sunde & Juergen Schupp & Gert Wagner, 2005. "Individual Risk Attitudes: New Evidence from a Large, Representative, Experimentally-Validated Survey," Working Papers, The Field Experiments Website 2096, The Field Experiments Website.
  6. Glenn Harrison & Morten Lau & Elisabet Rutstrom & Melonie Williams, 2002. "Estimating individual discount rates in denmark: A field experiment," Artefactual Field Experiments, The Field Experiments Website 00062, The Field Experiments Website.
  7. Pierre-Olivier Gourinchas & Jonathan A. Parker, 1999. "Consumption Over the Life Cycle," NBER Working Papers 7271, National Bureau of Economic Research, Inc.
  8. Harrison, Glenn W, 1992. "Theory and Misbehavior of First-Price Auctions: Reply," American Economic Review, American Economic Association, American Economic Association, vol. 82(5), pages 1426-43, December.
  9. Tomomi Tanaka & Colin F. Camerer & Quang Nguyen, 2010. "Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam," American Economic Review, American Economic Association, American Economic Association, vol. 100(1), pages 557-71, March.
  10. 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.
  11. Jerry A. Hausman, 1979. "Individual Discount Rates and the Purchase and Utilization of Energy-Using Durables," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 10(1), pages 33-54, Spring.
  12. Paola Manzini & Marco Mariotti & Luigi Mittone, 2008. "The elicitation of time preferences," CEEL Working Papers, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia 0806, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.
  13. Steffen Andersen & Glenn W. Harrison & Morten I. Lau & E. Elisabet Rutström, 2008. "Eliciting Risk and Time Preferences," Econometrica, Econometric Society, Econometric Society, vol. 76(3), pages 583-618, 05.
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Cited by:
  1. Fouarge, Didier & Kriechel, Ben & Dohmen, Thomas, 2014. "Occupational Sorting of School Graduates: The Role of Economic Preferences," IZA Discussion Papers 8355, Institute for the Study of Labor (IZA).
  2. Fossen, Frank M. & Glocker, Daniela, 2014. "Stated and revealed heterogeneous risk preferences in educational choice," Discussion Papers 2014/3, Free University Berlin, School of Business & Economics.
  3. Gill, Andrej & Heinz, Matthias & Schumacher, Heiner, 2014. "Trust, trustworthiness and selection into the financial industry," CFS Working Paper Series, Center for Financial Studies (CFS) 458, Center for Financial Studies (CFS).

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