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The Today and Tomorrow of Kids

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  • Marco Castillo
  • Paul Ferraro
  • Jeff Jordan
  • Ragan Petrie

Abstract

We experimentally investigate the distribution of children's time preferences along gender and racial lines. We find that boys are more impatient than girls and black children are no more impatient than white children. However, this pattern hides the fact that black boys have the highest discount rates of all groups. Most importantly, we show that impatience has a direct effect on behavior. An increase of one standard deviation in the discount rate increases the probability that a child has at least 3 disciplinary referrals by 5 percent. Time preferences might play a large role in setting appropriate incentives for children.

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File URL: http://excen.gsu.edu/workingpapers/GSU_EXCEN_WP_2008-10.pdf
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Bibliographic Info

Paper provided by Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University in its series Experimental Economics Center Working Paper Series with number 2008-10.

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Length: 23
Date of creation: Jun 2008
Date of revision:
Handle: RePEc:exc:wpaper:2008-10

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  1. Glenn Harrison & Morten Lau & Elisabet Rutstrom & Melonie Williams, 2002. "Estimating individual discount rates in denmark: A field experiment," Artefactual Field Experiments 00062, The Field Experiments Website.
  2. Eric Bettinger & Robert Slonim, 2006. "Patience among children," Artefactual Field Experiments 00043, The Field Experiments Website.
  3. Stephan Meier & Charles Sprenger, 2007. "Impatience and credit behavior: evidence from a field experiment," Working Papers 07-3, Federal Reserve Bank of Boston.
  4. John List & Imran Rasul, 2010. "Field experiments in labor economics," Artefactual Field Experiments 00092, The Field Experiments Website.
  5. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
  6. Saul Pleeter & John T. Warner, 2001. "The Personal Discount Rate: Evidence from Military Downsizing Programs," American Economic Review, American Economic Association, vol. 91(1), pages 33-53, March.
  7. Roland G. Fryer & Steven D. Levitt, 2006. "The Black-White Test Score Gap Through Third Grade," American Law and Economics Review, Oxford University Press, vol. 8(2), pages 249-281.
  8. Glenn W. Harrison & John A. List, 2004. "Field Experiments," Journal of Economic Literature, American Economic Association, vol. 42(4), pages 1009-1055, December.
  9. David Austen-Smith & Roland G. Fryer, 2005. "An Economic Analysis of "Acting White"," The Quarterly Journal of Economics, MIT Press, vol. 120(2), pages 551-583, May.
  10. Raymond S. Hartman & Michael J. Doane, 1986. "Household Discount Rates Revisited," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 139-148.
  11. Maribeth Coller & Melonie Williams, 1999. "Eliciting Individual Discount Rates," Experimental Economics, Springer, vol. 2(2), pages 107-127, December.
  12. Melissa Osborne & Herbert Gintis & Samuel Bowles, 2001. "The Determinants of Earnings: A Behavioral Approach," Journal of Economic Literature, American Economic Association, vol. 39(4), pages 1137-1176, December.
  13. James J. Heckman & Jora Stixrud & Sergio Urzua, 2006. "The Effects of Cognitive and Noncognitive Abilities on Labor Market Outcomes and Social Behavior," NBER Working Papers 12006, National Bureau of Economic Research, Inc.
  14. Jerry A. Hausman, 1979. "Individual Discount Rates and the Purchase and Utilization of Energy-Using Durables," Bell Journal of Economics, The RAND Corporation, vol. 10(1), pages 33-54, Spring.
  15. Uri Benzion & Amnon Rapoport & Joseph Yagil, 1989. "Discount Rates Inferred from Decisions: An Experimental Study," Management Science, INFORMS, vol. 35(3), pages 270-284, March.
  16. Ausubel, Lawrence M, 1991. "The Failure of Competition in the Credit Card Market," American Economic Review, American Economic Association, vol. 81(1), pages 50-81, March.
  17. Pender, John L., 1996. "Discount rates and credit markets: Theory and evidence from rural india," Journal of Development Economics, Elsevier, vol. 50(2), pages 257-296, August.
  18. Carmit Segal, 2006. "Motivation, test scores and economic success," Economics Working Papers 1124, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2008.
  19. Thaler, Richard, 1981. "Some empirical evidence on dynamic inconsistency," Economics Letters, Elsevier, vol. 8(3), pages 201-207.
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Cited by:
  1. Matthias Sutter & Martin G. Kocher & Daniela Ruetzler & Stefan T. Trautmann, 2010. "Impatience and uncertainty: Experimental decisions predict adolescents? field behavior," Working Papers 2010-29, Faculty of Economics and Statistics, University of Innsbruck.
  2. Arnaud Chevalier & Orla Doyle, 2012. "SCHOOLING AND VOTER TURNOUT: Is there an American Exception?," Working Papers 201210, Geary Institute, University College Dublin.
  3. Steven Levitt & John List & Susanne Neckermann & Sally Sadoff, 2013. "The behavioralist goes to school: Leveraging behavioral economics to improve educational performance," Framed Field Experiments 00379, The Field Experiments Website.
  4. Golsteyn, Bart & Grönqvist, Hans & Lindahl, Lena, 2013. "Time preferences and lifetime outcomes," Working Paper Series 2013:22, IFAU - Institute for Evaluation of Labour Market and Education Policy.
  5. Dreber, Anna & von Essen, Emma & Ranehill, Eva, 2011. "Age at pubertal onset and educational outcomes," Research Papers in Economics 2011:26, Stockholm University, Department of Economics.
  6. Sarah Jacobson & Ragan Petrie, 2009. "Learning from mistakes: What do inconsistent choices over risk tell us?," Journal of Risk and Uncertainty, Springer, vol. 38(2), pages 143-158, April.
  7. Berg, Nathan & Eckel, Catherine & Johnson, Cathleen, 2010. "Inconsistency Pays?: Time-inconsistent subjects and EU violators earn more," MPRA Paper 26589, University Library of Munich, Germany.
  8. Jordan, Jeffrey L. & Anil, Bulent & Herbert, Velma & Chatterjee, Swan, 2009. "Human Capital Investments in Education and Home Stability: Exploring Education, Homeownership and Poverty," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49320, Agricultural and Applied Economics Association.

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