Empirical Determinants of Intertemporal Choice

Jeffrey Brown, Zoran Ivković and Scott Weisbenner

No 18755, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We study the empirical determinants of intertemporal choice by analyzing a unique decision Croatian retirees made recently about whether to accept an immediate pension payment or a larger stream of delayed payments. Individual decisions are correlated in sensible ways with income, liquidity constraints, longevity expectations, and other covariates. Attitudes toward government also matter: those less confident that the government will honor its commitments are more likely to take the immediate stream of payments. Those who believe it is important to receive "the full amount due, no matter how long it takes" are substantially more likely to take the delayed payments.

JEL-codes: D12 D91 H31 H55 (search for similar items in EconPapers)
Date: 2013-02
New Economics Papers: this item is included in nep-age
Note: AG PE
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Published as Journal of Financial Economics Volume 116, Issue 3, June 2015, Pages 473–486 Cover image Empirical determinants of intertemporal choice ☆ Jeffrey R. Browna, c, , , Zoran Ivkovićb, Scott Weisbennera, c

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Journal Article: Empirical determinants of intertemporal choice (2015)
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