Time preferences and consumer behavior

David Bradford; Charles Courtemanche; Garth Heutel; Patrick McAlvanah; Christopher Ruhm

doi:10.1007/s11166-018-9272-8

Time preferences and consumer behavior

David Bradford
, Charles Courtemanche
, Garth Heutel
, Patrick McAlvanah
, Christopher Ruhm

Economics

Producción científica: Article › revisión exhaustiva

99 Citas (Scopus)

Resumen

We investigate the predictive power of survey-elicited time preferences. The discount factor elicited from choice experiments using real payments predicts various health, energy, and financial outcomes, including overall self-reported health, smoking, installing energy-efficient lighting, and credit card balance. Allowing for time-inconsistent preferences, both the long-run and present-bias discount factors (δ and β) are also significantly associated in the expected direction with several outcomes. We consider several hypotheses regarding the strength of the association between discount factors and outcomes, such as salience of the outcome or liquidity constraints.

Idioma original	English
Páginas (desde-hasta)	119-145
Número de páginas	27
Publicación	Journal of Risk and Uncertainty
Volumen	55
N.º	2-3
DOI	https://doi.org/10.1007/s11166-018-9272-8
Estado	Published - dic 1 2017

Nota bibliográfica

Publisher Copyright:
© 2018, Springer Science+Business Media, LLC, part of Springer Nature.

Financiación

Acknowledgements We thank Will Mautz and Camden Sweed for valuable research assistance, Georgia State University, the University of North Carolina at Greensboro, and the Harvard Center for Risk Analysis for funding, Darren Lubotsky for providing his code to implement the multiple proxies procedure, and Allen Bellas and conference and seminar participants at UNCG, GSU, Georgia Tech, the Federal Trade Commission, the Midwest Economics Association meetings, and the Harvard Center For Risk Analysis’s March 2014 BRisk, Perception, and Response^ conference for helpful comments. Ruhm thanks the University of Virginia Bankard Fund for partial financial support. The views expressed in this article are those of the authors and do not necessarily reflect those of the Federal Trade Commission.

Financiadores
Allen Bellas
Federal Trade Commission
Harvard Center for Risk Analysis
Midwest Economics Association
University of Virginia Bankard Fund
Georgia College & State University
University of North Carolina, Greensboro

ODS de las Naciones Unidas

Este resultado contribuye a los siguientes Objetivos de Desarrollo Sostenible

Responsible consumption and production

ASJC Scopus subject areas

Accounting
Finance
Economics and Econometrics

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Time preferences and consumer behavior

Resumen

Nota bibliográfica

Financiación

ODS de las Naciones Unidas

ASJC Scopus subject areas

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