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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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References

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  1. John List & David Reiley, 2008. "Field experiments," Artefactual Field Experiments 00091, The Field Experiments Website.
  2. 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.
  3. John A. List & Imran Rasul, 2010. "Field Experiments in Labor Economics," NBER Working Papers 16062, National Bureau of Economic Research, Inc.
  4. Roland G. Fryer & Steven D. Levitt, 2005. "The Black-White Test Score Gap Through Third Grade," NBER Working Papers 11049, National Bureau of Economic Research, Inc.
  5. Maribeth Coller & Melonie Williams, 1999. "Eliciting Individual Discount Rates," Experimental Economics, Springer, vol. 2(2), pages 107-127, December.
  6. 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.
  7. Thaler, Richard, 1981. "Some empirical evidence on dynamic inconsistency," Economics Letters, Elsevier, vol. 8(3), pages 201-207.
  8. 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.
  9. Carmit Segal, 2006. "Motivation, test scores and economic success," Economics Working Papers 1124, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2008.
  10. Eric Bettinger & Robert Slonim, 2006. "Patience among children," Artefactual Field Experiments 00043, The Field Experiments Website.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. Stephan Meier & Charles Sprenger, 2007. "Impatience and credit behavior: evidence from a field experiment," Working Papers 07-3, Federal Reserve Bank of Boston.
  16. 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.
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Cited by:
  1. Sutter, Matthias & Kocher, Martin G. & Glätzle-Rützler, Daniela & Trautmann, Stefan T., 2010. "Impatience and Uncertainty: Experimental Decisions Predict Adolescents' Field Behavior," IZA Discussion Papers 5404, Institute for the Study of Labor (IZA).
  2. Arnaud Chevalier & Orla Doyle, 2012. "Schooling and Voter Turnout - Is there an American Exception?," Working Papers 201213, School Of Economics, University College Dublin.
  3. 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.
  4. Sutter, Matthias & Kocher, Martin G. & Rützler, Daniela & Trautmann, Stefan T., 2010. "Impatience and Uncertainty: Experimental Decisions Predict Adolecents' Field Behavior," Discussion Papers in Economics 12114, University of Munich, Department of Economics.
  5. 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.
  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. 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.
  8. 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.
  9. 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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