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Recent developments in the experimental elicitation of time preference

Stephen Cheung

No 34, QuBE Working Papers from QUT Business School

Abstract: 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; discounted utility; instantaneous utility; choice list (search for similar items in EconPapers)
JEL-codes: C91 D03 D90 (search for similar items in EconPapers)
Date: 2015-11-25
New Economics Papers: this item is included in nep-cbe, nep-evo, nep-exp and nep-upt
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http://external-apps.qut.edu.au/business/documents ... pers/2015/Survey.pdf (application/pdf)

Related works:
Journal Article: Recent developments in the experimental elicitation of time preference (2016) Downloads
Working Paper: Recent Developments in the Experimental Elicitation of Time Preference (2016) Downloads
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