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The elicitation of time preferences

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  • Paola Manzini
  • Marco Mariotti
  • Luigi Mittone

    ()

Abstract

We compare three methods for the elicitation of time preferences in an experimental setting: the Becker-DeGroot-Marschak (BDM) procedure (BDM), a second price auction and the multiple price list format. The first two methods have been used rarely to elicit time preferences. Although all methods used are broadly strategically equivalent, and should induce the same 'truthful' revelation, we find that the methods do differ: the money discount rates elicited with the multiple price list tend to be higher than those elicited with the other two methods. Furthermore, there are no significant differences between the rates elicited with the BDM and the auction elicitation procedure.

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Bibliographic Info

Paper provided by Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia in its series CEEL Working Papers with number 0806.

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Date of creation: 2008
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Handle: RePEc:trn:utwpce:0806

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Cited by:
  1. Paola Manzini & Marco Mariotti, 2007. "Choice over Time," Working Papers 605, Queen Mary, University of London, School of Economics and Finance.
  2. Vischer, Thomas & Dohmen, Thomas & Falk, Armin & Huffman, David & Schupp, Jürgen & Sunde, Uwe & Wagner, Gert G., 2013. "Validating an ultra-short survey measure of patience," Economics Letters, Elsevier, vol. 120(2), pages 142-145.
  3. Oksana Tokarchuk, 2008. "Construction of time preference: an investigation of the role of elicitation method in experimental elicitation of time preference," DISA Working Papers 0808, Department of Computer and Management Sciences, University of Trento, Italy, revised 11 Nov 2008.
  4. David J. Hardisty & Katherine F. Thompson & David H. Krantz & Elke U. Weber, 2013. "How to measure time preferences: An experimental comparison of three methods," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 8(3), pages 236-249, May.

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