Grit, Discounting, & Time Inconsistency

Christian König-Kersting () and Stefan T. Trautmann ()

Working Papers from Faculty of Economics and Statistics, Universität Innsbruck

Abstract: We study the association of the perseverance-of-effort (PoE) and the consistency-of-interests (CoI) components of the psychological measure of grit, with economic measures of impatience and decreasing impatience (time inconsistency), respectively, in the general population. We find that impatience is associated with grit through the PoE component. No association of time inconsistency with grit is found. Predicting participants’ financial and health outcomes and behaviors, we find that both impatience and grit are predictive for both outcomes, but this is not the case for time inconsistency. Our findings suggest that it can be beneficial for empirical studies of intertemporal decisions to include both economic impatience and psychological grit measures.

Keywords: Time preferences; time inconsistency; decreasing impatience; Grit; household finance; health. (search for similar items in EconPapers)
JEL-codes: D15 G51 I10 (search for similar items in EconPapers)
Pages: 37
Date: 2023-12
New Economics Papers: this item is included in nep-cbe
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www2.uibk.ac.at/downloads/c9821000/wpaper/2023-12.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:inn:wpaper:2023-12

Access Statistics for this paper

More papers in Working Papers from Faculty of Economics and Statistics, Universität Innsbruck Contact information at EDIRC.
Bibliographic data for series maintained by Judith Courian ().