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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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Bibliographic Info

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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  1. 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.
  2. Manzini, Paola & Mariotti, Marco, 2010. "Moody Choice," IZA Discussion Papers 5005, Institute for the Study of Labor (IZA).
  3. 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.
  4. Azfar, Omar, 1999. "Rationalizing hyperbolic discounting," Journal of Economic Behavior & Organization, Elsevier, vol. 38(2), pages 245-252, February.
  5. 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.
  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. Schelling, Thomas C, 1978. "Egonomics, or the Art of Self-Management," American Economic Review, American Economic Association, vol. 68(2), pages 290-94, May.
  8. 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.
  9. 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.
  10. 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.
  11. Casari, Marco, 2006. "Pre-Commitment and Flexibility in a Time Decision Experiment," Purdue University Economics Working Papers 1183, Purdue University, Department of Economics.
  12. M. Casari & D. Dragone, 2010. "On Negative Time Preference," Working Papers 711, Dipartimento Scienze Economiche, Universita' di Bologna.
  13. Reuben, Ernesto & Sapienza, Paola & Zingales, Luigi, 2010. "Time discounting for primary and monetary rewards," Economics Letters, Elsevier, vol. 106(2), pages 125-127, February.
  14. Laibson, David I., 1997. "Golden Eggs and Hyperbolic Discounting," Scholarly Articles 4481499, Harvard University Department of Economics.
  15. Maribeth Coller & Melonie Williams, 1999. "Eliciting Individual Discount Rates," Experimental Economics, Springer, vol. 2(2), pages 107-127, December.
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Cited by:
  1. 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.

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