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Gender, Affect and Intertemporal Consistency: An Experimental Approach

  • McLeish, Kendra N.

    ()

    (University of Calgary)

  • Oxoby, Robert J.

    ()

    (University of Calgary)

We conduct experiments in which participants made multiple intertemporal decisions throughout a seven week period. In addition to exploring dynamic consistency and the stability of single period discount rates, our experiments introduce a manipulation to identify the role of positive and negative mood/affect in intertemporal choice. Our results demonstrate that, while individuals’ single period discount rates are stable over time, there is evidence of dynamic inconsistency. While we find no differences in the discount rates of men and women, we find gender differences in the character of hyperbolic discounting in which women display greater patience in their “present bias.” We also identify a gender-mood interaction: Negative mood in women yields increased impulsiveness while inducing positive affect in women or affect (positive or negative) in men yields little change.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 2663.

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Length: 40 pages
Date of creation: Mar 2007
Date of revision:
Handle: RePEc:iza:izadps:dp2663
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  1. Loewenstein, George & O'Donoghue, Ted & Rabin, Matthew, 2000. "Projection Bias in Predicting Future Utility," Department of Economics, Working Paper Series qt5qh6142m, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Frances Woolley, 2004. "Why Pay Child Benefits to Mothers?," Canadian Public Policy, University of Toronto Press, vol. 30(1), pages 47-69, March.
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  9. Karp, Larry, 2005. "Global warming and hyperbolic discounting," Journal of Public Economics, Elsevier, vol. 89(2-3), pages 261-282, February.
  10. Mitzkewitz, Michael & Nagel, Rosemarie, 1993. "Experimental Results on Ultimatum Games with Incomplete Information," International Journal of Game Theory, Springer, vol. 22(2), pages 171-98.
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  17. William Greene, 2004. "The behaviour of the maximum likelihood estimator of limited dependent variable models in the presence of fixed effects," Econometrics Journal, Royal Economic Society, vol. 7(1), pages 98-119, 06.
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  19. Mehra, Rajnish & Sah, Raaj, 2002. "Mood fluctuations, projection bias, and volatility of equity prices," Journal of Economic Dynamics and Control, Elsevier, vol. 26(5), pages 869-887, May.
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