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Psychological and Biological Foundations of Time Preference - Evidence from a Day Reconstruction Study with Biological Tracking

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Author Info
Michael Daly (Trinity College Dublin and UCD Geary Institute)
Liam Delaney (UCD Geary Institute and University College of Dublin)
Colm Harmon (UCD Geary Institute, University College of Dublin and IZA, Bonn)

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Abstract

This 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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File URL: http://www.ucd.ie/economics/research/papers/2008/WP08.19.pdf
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File Function: First version, 2008
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Paper provided by School Of Economics, University College Dublin in its series Working Papers with number 200819.

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Length: 136 pages
Date of creation: 22 Aug 2008
Date of revision:
Handle: RePEc:ucn:wpaper:200819

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  1. Borghans Lex & Lee Duckworth Angela & Heckman James J. & Weel Bas ter, 2008. "The Economics and Psychology of Personality Traits," Research Memoranda 001, Maastricht : ROA, Research Centre for Education and the Labour Market. [Downloadable!]
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  2. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr. [Downloadable!] (restricted)
  3. James J. Heckman, 2007. "The Economics, Technology and Neuroscience of Human Capability Formation," IZA Discussion Papers 2875, Institute for the Study of Labor (IZA). [Downloadable!]
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  4. Becker, Gary S & Mulligan, Casey B, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 729-58, August.
  5. Daniel Kahneman & Alan B. Krueger & David Schkade & Norbert Schwarz & Arthur Stone, 2004. "Toward National Well-Being Accounts," American Economic Review, American Economic Association, vol. 94(2), pages 429-434, May. [Downloadable!]
  6. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
  7. Colin F. Camerer & George Loewenstein & Drazen Prelec, 2004. "Neuroeconomics: Why Economics Needs Brains," Scandinavian Journal of Economics, Blackwell Publishing, vol. 106(3), pages 555-579, October. [Downloadable!] (restricted)
  8. Gergana Y. Nenkov & J. Jeffrey Inman & John Hulland, 2008. "Considering the Future: The Conceptualization and Measurement of Elaboration on Potential Outcomes," Journal of Consumer Research: An Interdisciplinary Quarterly, University of Chicago Press, vol. 35(1), pages 126-141, November. [Downloadable!] (restricted)
  9. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August. [Downloadable!] (restricted)
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