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Intra-individual stability of two survey measures on forward-looking attitude

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  • Preuss, Malte

Abstract

Using representative panel data sets from the Netherlands and Germany, this study analyzes the long-term stability of two behaviorally validated measures on individuals’ forward-looking attitude: the consideration of future consequences scale and two ultra-short survey items on patience and impulsiveness. Overall, their intra-individual correlation is sufficiently high to consider the measures as stable, and a comprehensive list of live events does not correlate with their instability. Past events have only a small and time-restricted effect, if any. Robustness tests indicate that measurement errors seem to be the most likely reason for their instability. Although these findings mitigate endogeneity concerns, error-in-variable biases can, nevertheless, be substantial.

Suggested Citation

  • Preuss, Malte, 2021. "Intra-individual stability of two survey measures on forward-looking attitude," Journal of Economic Behavior & Organization, Elsevier, vol. 190(C), pages 201-227.
    • Handle: RePEc:eee:jeborg:v:190:y:2021:i:c:p:201-227
    DOI: 10.1016/j.jebo.2021.06.049
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    Keywords

    Consideration of future consequences; Patience; Impulsiveness; Temporal stability; Measurement error; Time preferences;
    All these keywords.

    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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