The paper focuses on the topic of intertemporal discounting of individuals according to age groups. Using the sample of examined individuals, it aims to verify the hypothesis that the patience of individuals decreases with their increasing age. The study included a total of 599 individuals with an average age of 38.3 years (min. 16 and max. 82 years) who answered classical questions focused on time discounting and impulsive behaviour. In total, four possible scenarios were analysed: a small reward (CZK 100) with a delay of 1 day, a small reward with a delay of 1 month, a large reward (CZK 100,000) with a delay of 1 day and a large reward with a delay of 1 month. The delayed reward was always increased by 10% (i.e., CZK 110 or CZK 110,000). The basic hypothesis was that with increasing age, the subjective discount rate increases i.e., patience decreases. The above-mentioned 4 scenarios were evaluated for the hypotheses, while only three of the four scenarios were confirmed for all hypotheses. The results in the examined individuals suggest that with increasing age, there is a decrease in patience and at the same time a decrease in impulsive behaviour. These findings may have an overlap in consumption or savings in relation to the aging population.
Economic growth has been the subject of much focus throughout the history of economic thought as it has profound economic, social and political consequences. The sources of economic cycles are surrounded by intense and controversial scientific dispute. In our article, we want to contribute to the institutional economics debate by analysing selected institutional factors and testing their influence on economic growth. On a 2012-2018 dataset, we prove that soft factors such as property rights, freedom of corruption, level of freedom on different markets and other components of the Index of Economic Freedom and legal framework explain the differences in GDP per capita dynamics across countries. We present new evidence on how institutional factors determine economic growth. Unlike previously conducted studies, we use panel data and a set of general control variables in an attempt to respect causal inference. Moreover, we show that the mainstream economic conviction-more economic freedom leads to higher economic growth-fails in some cases, and regulation does not always hamper economic growth.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.