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Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences

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  • Marco Casari

    ()
    (University of Bologna)

  • Davide Dragone

    ()
    (University of Bologna)

Abstract

We study time preferences in a real-effort experiment with a one-month horizon. We report that two thirds of choices suggest negative time preferences. Moreover, choice reversal over time is common even if temptation plays no role. We propose and measure three distinct concepts of choice reversal over time to study time consistency. This evidence calls for an important role for anticipatory feelings and uncertainty in intertemporal behavior.

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Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2010-087.

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Date of creation: 13 Dec 2010
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Handle: RePEc:jrp:jrpwrp:2010-087

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Keywords: negative time preferences; choice reversal; risk; time inconsistency; real-effort experiment;

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References

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  1. Yoram Halevy, 2008. "Strotz Meets Allais: Diminishing Impatience and the Certainty Effect," American Economic Review, American Economic Association, vol. 98(3), pages 1145-62, June.
  2. Casari, Marco, 2006. "Pre-Commitment and Flexibility in a Time Decision Experiment," Purdue University Economics Working Papers 1183, Purdue University, Department of Economics.
  3. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  4. Paola Manzini & Marco Mariotti, 2010. "Moody choice," CRIEFF Discussion Papers 1002, Centre for Research into Industry, Enterprise, Finance and the Firm.
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  7. Robin Cubitt & Daniel Read, 2005. "Can intertemporal choice experiments elicit time preferences for consumption?," Discussion Papers 2005-16, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
  8. Stefano DellaVigna & Ulrike Malmendier, 2006. "Paying Not to Go to the Gym," American Economic Review, American Economic Association, vol. 96(3), pages 694-719, June.
  9. Reuben, Ernesto & Sapienza, Paola & Zingales, Luigi, 2010. "Time discounting for primary and monetary rewards," Economics Letters, Elsevier, vol. 106(2), pages 125-127, February.
  10. Casari, Marco & Dragone, Davide, 2011. "On negative time preferences," Economics Letters, Elsevier, vol. 111(1), pages 37-39, April.
  11. 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, vol. 100(1), pages 557-71, March.
  12. M. Casari & D. Dragone, 2011. "Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences," Working Papers wp777, Dipartimento Scienze Economiche, Universita' di Bologna.
  13. Schelling, Thomas C, 1978. "Egonomics, or the Art of Self-Management," American Economic Review, American Economic Association, vol. 68(2), pages 290-94, May.
  14. 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.
  15. Alexander L. Brown & Colin F. Camerer & Zhikang Eric Chua, 2006. "Learning and Visceral Temptation in Dynamic Savings Experiments," Levine's Bibliography 321307000000000048, UCLA Department of Economics.
  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. Marco Casari & Davide Dragone, 2010. "Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences," Jena Economic Research Papers 2010-087, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.

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