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Measuring time preferences: A comparison of experimental methods

James Andreoni (), Michael Kuhn () and Charles Sprenger

Journal of Economic Behavior & Organization, 2015, vol. 116, issue C, 451-464

Abstract: Eliciting time preferences has become an important component of both laboratory and field experiments, yet there is no consensus as how to best measure discounting. We examine the predictive validity of two recent, simple, easily administered, and individually successful elicitation tools: convex time budgets (CTB) and double multiple price lists (DMPL). Using similar methods, the CTB and DMPL are compared using within- and out-of-sample predictions. While each perform equally well within sample, the CTB significantly outperforms the DMPL on out-of-sample measures.

Keywords: Discounting; Dynamic inconsistency; Curvature; Convex budgets (search for similar items in EconPapers)
JEL-codes: D81 D90 (search for similar items in EconPapers)
Date: 2015
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Journal of Economic Behavior & Organization is currently edited by Houser, D. and Puzzello, D.

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