Psychological and Biological Foundations of Time Preference - Evidence from a Day Reconstruction Study with Biological Tracking
AbstractThis 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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Bibliographic InfoPaper provided by School Of Economics, University College Dublin in its series Working Papers with number 200819.
Length: 136 pages
Date of creation: 22 Aug 2008
Date of revision:
Other versions of this item:
- Daly, Michael & Delaney, Liam & Harmon, Colm P., 2008. "Psychological and Biological Foundations of Time Preference: Evidence from a Day Reconstruction Study with Biological Tracking," IZA Discussion Papers 3674, Institute for the Study of Labor (IZA).
- Liam Delaney & Michael Daly & Colm Harmon, 2008. "Psychological and Biological Foundations of Time Preference: Evidence from a Day Reconstruction Study with Biological Tracking," Working Papers 200819, Geary Institute, University College Dublin.
- C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
- D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
- D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
- D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-08-31 (All new papers)
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