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Time discounting (d) and pain anticipation: Experimental evidence

  • Pablo Brañas-Garza

    ()

    (GLOBE and Universidad de Granada)

  • María Paz Espinosa

    ()

    (Universidad del País Vasco)

  • María Repolles

    (GLOBE and Universidad de Granada and Virgen de las Nieves Hospital, Granada)

This paper deals with pain anticipation experienced before medical procedures. Our experimental results show that individuals with lower discount factors are more prone to suffer pain in advance. We provide a framework to rationalize the connection between pain anticipation and impatience. In this set up, more impatient subjects, who only value very near events, take into account mainly the negative effects of medical procedures (just the costs) whereas more patient individuals have a net positive valuation of medical events (given that they value both the cost incurred now and all the benefits accrued in the future).

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File URL: http://www.ugr.es/~teoriahe/RePEc/gra/wpaper/thepapers10_13.pdf
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Paper provided by Department of Economic Theory and Economic History of the University of Granada. in its series ThE Papers with number 10/13.

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Length: 10 pages
Date of creation: 01 Oct 2010
Date of revision:
Handle: RePEc:gra:wpaper:10/13
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  1. David M. Cutler & Edward Glaeser, 2005. "What Explains Differences in Smoking, Drinking, and Other Health-Related Behaviors?," American Economic Review, American Economic Association, vol. 95(2), pages 238-242, May.
  2. Glaeser, Edward & Cutler, David, 2005. "What Explains Differences in Smoking, Drinking, and Other Health Related Behaviors," Scholarly Articles 2664274, Harvard University Department of Economics.
  3. Laibson, David, 1997. "Golden Eggs and Hyperbolic Discounting," The Quarterly Journal of Economics, MIT Press, vol. 112(2), pages 443-77, May.
  4. W. Viscusi & Joel Huber & Jason Bell, 2008. "Estimating discount rates for environmental quality from utility-based choice experiments," Journal of Risk and Uncertainty, Springer, vol. 37(2), pages 199-220, December.
  5. Knutson, Brian & Peterson, Richard, 2005. "Neurally reconstructing expected utility," Games and Economic Behavior, Elsevier, vol. 52(2), pages 305-315, August.
  6. Espinosa Alejos, María Paz & Brañas Garza, Pablo & Repollés Pro, María, 2010. "Discounting future pain: Effects on self-reported pain," DFAEII Working Papers 2010-06, University of the Basque Country - Department of Foundations of Economic Analysis II.
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