Recent developments in the experimental elicitation of time preference

Stephen Cheung

Journal of Behavioral and Experimental Finance, 2016, vol. 11, issue C, 1-8

Abstract: This methodological survey reviews recent developments in the design of experiments to elicit individuals’ time preferences, with a focus on the measurement or control for potentially non-linear utility. While the objective of a time preference experiment is usually to estimate parameters of a discount function, assumptions concerning the nature of utility may have an important influence upon these estimates. The survey classifies experiment designs on two dimensions: whether they assume an equivalence between utility under risk and over time, and whether they result in an estimate of the curvature of utility.

Keywords: Time preference; Discounted utility; Instantaneous utility; Choice list (search for similar items in EconPapers)
JEL-codes: C91 D03 D90 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (24)

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Working Paper: Recent Developments in the Experimental Elicitation of Time Preference (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:beexfi:v:11:y:2016:i:c:p:1-8

DOI: 10.1016/j.jbef.2016.04.001

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