Psychological and Biological Foundations of Time Preference: Evidence from a Day Reconstruction Study with Biological Tracking
AbstractThis paper considers the relationship between the economic concept of time preference and relevant concepts from psychology and biology. Using novel data from a time diary study conducted in Ireland that combined detailed psychometric testing with medical testing and real-time bio-tracking, we examine the distribution of a number of psychometric measures linked to the economic concept of time preferences and test the extent to which these measures form coherent clusters and the degree to which these clusters are related to underlying biological substrates. The paper finds that financial discounting is related to a range of psychological variables including consideration of future consequences, self-control, conscientiousness, extraversion, and experiential avoidance as well as being predicted by heart rate variability and blood pressure.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 3674.
Length: 14 pages
Date of creation: Aug 2008
Date of revision:
Publication status: published as 'Psychological and Biological Foundations of Time Preference' in: Journal of the European Economic Association, 7 (2-3), 2009, 659 - 669
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Other versions of this item:
- Liam Delaney & Michael Daly & Colm Harmon, 2008. "Psychological and Biological Foundations of Time Preference: Evidence from a Day Reconstruction Study with Biological Tracking," Working Papers 200819, Geary Institute, University College Dublin.
- Michael Daly & Liam Delaney & Colm Harmon, 2008. "Psychological and Biological Foundations of Time Preference - Evidence from a Day Reconstruction Study with Biological Tracking," Working Papers 200819, School Of Economics, University College Dublin.
- C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-09-13 (All new papers)
- NEP-CBE-2008-09-13 (Cognitive & Behavioural Economics)
- NEP-HPE-2008-09-13 (History & Philosophy of Economics)
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.:
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- Bruderer Enzler, Heidi & Diekmann, Andreas & Meyer, Reto, 2014. "Subjective discount rates in the general population and their predictive power for energy saving behavior," Energy Policy, Elsevier, vol. 65(C), pages 524-540.
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