Can intertemporal choice experiments elicit time preferences for consumption?

Cubitt, Robin P.; Read, Daniel

doi:10.1007/s10683-006-9140-2

Cited by 107 publications

(72 citation statements)

References 17 publications

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“…We may have found less decreasing impatience for money due to market forces. As money is tradable on financial markets and transferable across time, people's discounting of money may have been disciplined by the prevailing interest rates for money (Cubitt and Read 2007). However, we also found that time preferences were less stable for money than for health, which seems to contradict the above conjecture.…”

Section: Discussioncontrasting

confidence: 65%

A measurement of decreasing impatience for health and money

2016

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This paper measures deviations from constant discounting and compares these deviations for health and money. Our measurements make no assumptions about utility and do not require separability of preferences over time. In an experiment, most subjects were decreasingly impatient, but a substantial minority was increasingly impatient. The deviations from constant discounting were more pronounced for health than for money suggesting that time preferences are domain-specific. Hyperbolic discounting (Loewenstein and Prelec,

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Section: Discussioncontrasting

confidence: 65%

A measurement of decreasing impatience for health and money

2016

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“…A solution could be to offer experimental interest rates that lie between the subjects' "real-world" borrowing and lending rates (as done by Coller and Williams, 1999). Even in this case, however, Cubitt and Read (2007) demonstrate that choices in the experiment do not necessarily reveal the subjects' time preferences.…”

Section: Introductionmentioning

confidence: 99%

Time discounting for primary and monetary rewards

2010

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This paper shows that there is a positive and statistically significant correlation between the short-term discount rate over a monetary reward and the short-term discount rate over a primary reward (chocolate). This correlation, however, is absent among subjects who do not like chocolate and are not hungry. This suggests that monetary rewards are suitable for the study of intertemporal choice. In fact, given the problems associated with the use of primary rewards (differing tastes for the good, hunger, and possible satiation), we argue that measurement with monetary rewards is more reliable.

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“…Thus, we avoid problems that arise for some intertemporal decision experiments if capital markets and/or storage allow consumption to be rescheduled across time relative to income when the analysis assumes consumption and income to be simultaneous (for discussion, see, e.g., Cubitt andRead 2007, Frederick et al 2002).…”

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confidence: 99%

Time Matters Less When Outcomes Differ: Unimodal vs. Cross-Modal Comparisons in Intertemporal Choice

Cubitt

McDonald²,

Read

2018

Management Science

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Abstract. Unimodal intertemporal decisions involve comparing options of the same type (e.g., apples now versus apples later), and cross-modal decisions involve comparing options of different types (e.g., a car now versus a vacation later). As we show, existing models of intertemporal choice do not allow time preference to depend on whether the comparisons to be made are unimodal or cross-modal. We test this restriction in an experiment using the delayed compensation method, a new extension of the standard method of eliciting intertemporal preferences that allows for assessment of time preference for nonmonetary and discrete outcomes, as well as for both cross-modal and unimodal comparisons. Participants were much more averse to delay for unimodal than cross-modal decisions. We provide two potential explanations for this effect: one drawing on multiattribute choice, the other drawing on construal-level theory.

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Can intertemporal choice experiments elicit time preferences for consumption?

Cited by 107 publications

References 17 publications

A measurement of decreasing impatience for health and money

A measurement of decreasing impatience for health and money

Time discounting for primary and monetary rewards

Time Matters Less When Outcomes Differ: Unimodal vs. Cross-Modal Comparisons in Intertemporal Choice

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