Stability of Experimental and Survey Measures of Social, Risk, and Time Preferences Over Multiple Years

Chuang, Yating; Schechter, Laura

doi:10.2139/ssrn.2349400

Cited by 15 publications

(13 citation statements)

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“…Chuang and Schechter (2015) provide an excellent overview of this literature. They document that In this Special Issue, Hardardottir (2017) analyzes the stability of individual time preferences over time.…”

Section: Stability Of Preferences and Personality Traitsmentioning

confidence: 99%

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Challenges in research on preferences and personality traits: Measurement, stability, and inference

Golsteyn

Schildberg-Hörisch

2017

Journal of Economic Psychology

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Any opinions expressed in this paper are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but IZA takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The IZA Institute of Labor Economics is an independent economic research institute that conducts research in labor economics and offers evidence-based policy advice on labor market issues. Supported by the Deutsche Post Foundation, IZA runs the world's largest network of economists, whose research aims to provide answers to the global labor market challenges of our time. Our key objective is to build bridges between academic research, policymakers and society. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author. Terms of use: Documents inSchaumburg-Lippe-Straße 5-9 53113 Bonn, GermanyPhone: +49-228-3894-0 Email: publications@iza.org www.iza.org This paper reviews several traditions in economic research on preferences as well as research on personality traits in personality psychology and lists challenges in both fields. IZA -Institute of Labor EconomicsWe discuss challenges regarding the measurement of preferences and personality traits, challenges regarding the stability of preferences and traits, and challenges when inferring causality. Additionally, we highlight areas in which we see potential benefits from taking into account methodological approaches or insights from the respective other discipline. JEL Classification:A12, D03

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Section: Stability Of Preferences and Personality Traitsmentioning

confidence: 99%

“…Chuang and Schechter (2015) provide a brief review of the corresponding economic literature. In this Special Issue, Anger et al (2017) identify causal effects of job losses on openness to experience.…”

Section: Stability Of Preferences and Personality Traitsmentioning

confidence: 99%

Challenges in research on preferences and personality traits: Measurement, stability, and inference

Golsteyn

Schildberg-Hörisch

2017

Journal of Economic Psychology

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“…Andreoni and Sprenger (2012) provide an alternative elicitation procedure which can directly measure time preference.5 We point interested readers toChuang and Schechter (2014), who provide an excellent and comprehensive review of this literature. Here, we review contributions most directly linked to our study.…”

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confidence: 99%

Catastrophes and time preference: Evidence from the Indian Ocean Earthquake

Callen¹

2015

Journal of Economic Behavior & Organization

109

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“…Time preference measures obtained from MPLs have been shown to (i) be stable at the individual level over time [20–23], (ii) correlate with measures derived from other methodologies used to investigate time preferences [22, 24, 25], and (iii), induce the same neurological responses as primary reward-based tasks [26–28]. Furthermore, they are a better predictor of life outcomes than non-incentivized measures [24, 29].…”

Section: Methodsmentioning

confidence: 99%

Time Preferences and Natural Resource Extraction Behavior: An Experimental Study from Artisanal Fisheries in Zanzibar

et al. 2016

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Natural resource users face a trade-off between present and future consumption. Using harmful methods or extracting unsustainably, lowers future consumption. Therefore, it is reasonable to posit that people with higher time preferences extract more as compared to people with lower time preferences. The present study combines experimental methods and questionnaire data in order to understand the relationship between individual time preferences and fishers’ extraction behavior. We elicit individual time preferences using an incentivized experiment, linking the resulting time preference measures to extraction data from a questionnaire, as well as data collected from a framed Common Pool Resource (CPR) experiment. Both the experiments and questionnaire were conducted with artisanal fishers in Zanzibar. Our findings suggest that the relationship between time preferences and CPR extraction is not as straightforward as predicted by classical economic theory. In contrast to earlier studies, we find that fishers’ time preferences are negatively correlated to their extraction rates. Our surprising findings can partly be explained by the fact that higher time preferences are associated with lower investment in extraction capability (the disinvestment effect of time preferences), and by fishers´ cognitive abilities.

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Stability of Experimental and Survey Measures of Social, Risk, and Time Preferences Over Multiple Years

Cited by 15 publications

References 58 publications

Challenges in research on preferences and personality traits: Measurement, stability, and inference

Challenges in research on preferences and personality traits: Measurement, stability, and inference

Catastrophes and time preference: Evidence from the Indian Ocean Earthquake

Time Preferences and Natural Resource Extraction Behavior: An Experimental Study from Artisanal Fisheries in Zanzibar

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