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No need for more time: Intertemporal allocation decisions under time pressure

Florian Lindner () and Julia Rose ()

Working Papers from Faculty of Economics and Statistics, University of Innsbruck

Abstract: Time preferences drive decisions in many economic contexts. For understanding the underlying decision process, it is key to identify what aspects these preferences in different situations. To shed light on how people make intertemporal allocation choices, we analyze the stability of time preferences under time pressure. Conducting a laboratory study with 144 subjects using convex time budgets, we elicit time preferences with and without time pressure in a within-subject design. We find preferences to be stable across conditions for aggregate estimates of present-bias and utility function curvature. For standard discounting, we find subjects to be significantly less impatient under time pressure. All results hold across specifications and different sub-samples. Individual-level analyses confirm aggregate findings.

Keywords: time preferences; time pressure; decision making; allocation decision; budget; experiment (search for similar items in EconPapers)
JEL-codes: C91 D12 D81 D91 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-exp and nep-upt
Date: 2016-07
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