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The elicitation of time preferences

Author

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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.

Suggested Citation

  • Paola Manzini & Marco Mariotti & Luigi Mittone, 2008. "The elicitation of time preferences," CEEL Working Papers 0806, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.
    • Handle: RePEc:trn:utwpce:0806
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    File URL: http://www-ceel.economia.unitn.it/papers/papero08_06.pdf
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    1. repec:cup:judgdm:v:8:y:2013:i:3:p:236-249 is not listed on IDEAS
    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. Meyer, Andrew G., 2015. "The impacts of elicitation mechanism and reward size on estimated rates of time preference," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 58(C), pages 132-148.
    4. Manzini, Paola & Mariotti, Marco, 2007. "Choice Over Time," IZA Discussion Papers 2993, Institute of Labor Economics (IZA).
    5. Faralla, Valeria & Novarese, Marco & Ardizzone, Antonella, 2017. "Framing Effects in Intertemporal Choice: A Nudge Experiment," MPRA Paper 82086, University Library of Munich, Germany.
    6. 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.
    7. 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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