Recent Developments in the Experimental Elicitation of Time Preference
No 9898, IZA Discussion Papers from Institute for the Study of Labor (IZA)
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; choice list; instantaneous utility; discounted utility (search for similar items in EconPapers)
JEL-codes: C91 D03 D90 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-exp and nep-upt
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Published in: Journal of Behavioral and Experimental Finance, 2016, 11, 1-8
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Working Paper: Recent developments in the experimental elicitation of time preference (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:iza:izadps:dp9898
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