Psychological and Biological Foundations of Time Preference

Michael Daly, Liam Delaney and Colm Harmon

Journal of the European Economic Association, 2009, vol. 7, issue 2-3, 659-669

Abstract: This paper considers the relationship between the economic concept of time preference and relevant concepts from psychology and biology. Using novel data from a time diary study conducted in Ireland that combined detailed psychometric testing with medical testing and real-time bio-tracking, we examine the extent to which individual differences in financial discounting are related to underlying biological and psychological differences. The paper finds that financial discounting is related to a range of psychological variables including consideration of future consequences, self-control, conscientiousness, extraversion, and experiential avoidance, as well as being predicted by heart rate variability and blood pressure. (JEL: D01, D9, C81) (c) 2009 by the European Economic Association.

JEL-codes: C81 D01 D9 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (66)

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Persistent link: https://EconPapers.repec.org/RePEc:tpr:jeurec:v:7:y:2009:i:2-3:p:659-669

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