EconPapers    
Economics at your fingertips  
 

Psychological and Biological Foundations of Time Preference: Evidence from a Day Reconstruction Study with Biological Tracking

Michael Daly (), Liam Delaney and Colm Harmon
Additional contact information
Michael Daly: Trinity College Dublin

No 3674, IZA Discussion Papers from Institute of Labor Economics (IZA)

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 distribution of a number of psychometric measures linked to the economic concept of time preferences and test the extent to which these measures form coherent clusters and the degree to which these clusters are related to underlying biological substrates. 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.

Keywords: economics and biology; economics and psychology; day reconstruction study; time preferences (search for similar items in EconPapers)
JEL-codes: C81 D01 D84 D91 (search for similar items in EconPapers)
Pages: 14 pages
Date: 2008-08
New Economics Papers: this item is included in nep-cbe and nep-hpe
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Published - published as 'Psychological and Biological Foundations of Time Preference' in: Journal of the European Economic Association, 7 (2-3), 2009, 659 - 669

Downloads: (external link)
https://docs.iza.org/dp3674.pdf (application/pdf)

Related works:
Working Paper: Psychological and Biological Foundations of Time Preference: Evidence from a Day Reconstruction Study with Biological Tracking (2008) Downloads
Working Paper: Psychological and biological foundations of time preference: evidence from a day reconstruction study with biological tracking (2008) Downloads
Working Paper: Psychological and biological foundations of time preference: evidence from a day reconstruction study with biological tracking (2008) Downloads
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:iza:izadps:dp3674

Ordering information: This working paper can be ordered from
IZA, Margard Ody, P.O. Box 7240, D-53072 Bonn, Germany

Access Statistics for this paper

More papers in IZA Discussion Papers from Institute of Labor Economics (IZA) IZA, P.O. Box 7240, D-53072 Bonn, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Holger Hinte ().

 
Page updated 2025-03-30
Handle: RePEc:iza:izadps:dp3674