Measuring Intertemporal Preferences Using Response Times
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Measuring Intertemporal Preferences Using Response Times
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Author : Christopher F. Chabris
language : en
Publisher:
Release Date : 2008
Measuring Intertemporal Preferences Using Response Times written by Christopher F. Chabris and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Consumers' preferences categories.
We use two different approaches to measure intertemporal preferences. First we employ the classical method of inferring preferences from a series of choices (subjects choose between $X now or $Y in D days). Second we adopt the novel approach of inferring preferences using only response time data from the same choices (how long it takes subjects to choose between $X now or $Y in D days). In principle, the inference from response times should work, since choices between items of nearly equivalent value should take longer than choices between items with substantially different values. We find that choice-based analysis and response-time-based analysis yield nearly identical discount rate estimates. We conclude that response time data sheds light on both our revealed (choice-based) preferences and on the cognitive processes that implement those preferences.
Intertemporal Preferences During The Covid 19 Pandemic Analysis Of Preference Shocks
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Author : Felix Stockhammer
language : en
Publisher: GRIN Verlag
Release Date : 2021-06-22
Intertemporal Preferences During The Covid 19 Pandemic Analysis Of Preference Shocks written by Felix Stockhammer and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-06-22 with Business & Economics categories.
Bachelor Thesis from the year 2020 in the subject Business economics - Miscellaneous, grade: 1, Vienna University of Economics and Business , language: English, abstract: This thesis analyses time preferences in times of the Covid-19 pandemic. In accordance with literature analysing preference shocks such as natural disasters, the hypothesis that a greater impact of Covid-19 and associated lockdown and after effects on an agent leads to higher impatience is formed. Data from an incentivized online survey with a sample consisting mostly of students (n = 379) is used. In order to measure the impact of Covid-19 on respondents’ lives, several potential avenues of impact are assessed (including loss of earning opportunities, affective states during severe lockdown restrictions etc.). Respondents indicated whether they had tested positive for Covid-19, whether somebody close to them had to be admitted to hospital due to Covid-19 and indicated their agreement with statements concerning their fear of contracting Covid-19 when they left their homes as well as their uncertainty regarding the future due to a second wave of the virus. Time preferences are assessed using a common incentivized method, called the Monetary-Choice Questionnaire. Additionally, a measure of risk aversion was also collected. Using regression analysis, a significant positive correlation between the affectedness by the virus and discount rates was found. People whose lives are more impacted by Covid-19 displayed higher discount rates. Results for a classification framework that segregates different levels of affectedness as well as a self-reported measure of affectedness point in the same direction.
Measuring Time Preferences
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Author : Jonathan D. Cohen
language : en
Publisher:
Release Date : 2016
Measuring Time Preferences written by Jonathan D. Cohen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We review research that measures time preferences - i.e., preferences over intertemporal tradeoffs. We distinguish between studies using financial flows, which we call "money earlier or later" (MEL) decisions and studies that use time-dated consumption/effort. Under different structural models, we show how to translate what MEL experiments directly measure (required rates of return for financial flows) into a discount function. We summarize empirical regularities found in MEL studies and the predictive power of those studies. We explain why MEL choices are driven in part by some factors that are distinct from underlying time preferences.
Measuring Time Preferences
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Author : Jonathan D. Cohen
language : en
Publisher:
Release Date : 2016
Measuring Time Preferences written by Jonathan D. Cohen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We review research that measures time preferences--i.e., preferences over intertemporal tradeoffs. We distinguish between studies using financial flows, which we call “money earlier or later” (MEL) decisions and studies that use time-dated consumption/effort. Under different structural models, we show how to translate what MEL experiments directly measure (required rates of return for financial flows) into a discount function over utils. We summarize empirical regularities found in MEL studies and the predictive power of those studies. We explain why MEL choices are driven in part by some factors that are distinct from underlying time preferences.
The Wiley Blackwell Handbook Of Judgment And Decision Making 2 Volume Set
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Author : Gideon Keren
language : en
Publisher: John Wiley & Sons
Release Date : 2016-02-16
The Wiley Blackwell Handbook Of Judgment And Decision Making 2 Volume Set written by Gideon Keren and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-16 with Psychology categories.
A comprehensive, up-to-date examination of the most important theory, concepts, methodological approaches, and applications in the burgeoning field of judgment and decision making (JDM) Emphasizes the growth of JDM applications with chapters devoted to medical decision making, decision making and the law, consumer behavior, and more Addresses controversial topics from multiple perspectives – such as choice from description versus choice from experience – and contrasts between empirical methodologies employed in behavioral economics and psychology Brings together a multi-disciplinary group of contributors from across the social sciences, including psychology, economics, marketing, finance, public policy, sociology, and philosophy 2 Volumes
The Wiley Blackwell Handbook Of Judgment And Decision Making
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Author : Gideon Keren
language : en
Publisher: John Wiley & Sons
Release Date : 2015-12-14
The Wiley Blackwell Handbook Of Judgment And Decision Making written by Gideon Keren and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-14 with Psychology categories.
A comprehensive, up-to-date examination of the most important theory, concepts, methodological approaches, and applications in the burgeoning field of judgment and decision making (JDM) Emphasizes the growth of JDM applications with chapters devoted to medical decision making, decision making and the law, consumer behavior, and more Addresses controversial topics from multiple perspectives – such as choice from description versus choice from experience – and contrasts between empirical methodologies employed in behavioral economics and psychology Brings together a multi-disciplinary group of contributors from across the social sciences, including psychology, economics, marketing, finance, public policy, sociology, and philosophy 2 Volumes
On Intertemporal Preferences In Continuous Time
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Author : Chi-fu Huang
language : en
Publisher:
Release Date : 1988
On Intertemporal Preferences In Continuous Time written by Chi-fu Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with categories.
Handbook Of Research Methods And Applications In Experimental Economics
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Author : Arthur Schram
language : en
Publisher: Edward Elgar Publishing
Release Date : 2019
Handbook Of Research Methods And Applications In Experimental Economics written by Arthur Schram and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Business & Economics categories.
This volume offers a comprehensive review of experimental methods in economics. Its 21 chapters cover theoretical and practical issues such as incentives, theory and policy development, data analysis, recruitment, software and laboratory organization. The Handbook includes separate parts on procedures, field experiments and neuroeconomics, and provides the first methodological overview of replication studies and a novel set-valued equilibrium concept. As a whole, the combination of basic methods and current developments will aid both beginners and advanced experimental economists.
Understanding Behavior In The Context Of Time
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Author : Alan Strathman
language : en
Publisher: Psychology Press
Release Date : 2006-04-21
Understanding Behavior In The Context Of Time written by Alan Strathman and has been published by Psychology Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-04-21 with Psychology categories.
Understanding Behavior in the Context of Time reviews the research on temporal orientation and brings together the disparate social behaviors influenced by time perspective. Organized into four sections, each chapter includes theory, research, applications, and directions for future research. Some chapters outline novel theoretical approaches that help to expand and/or integrate existing theories. The second part focuses on individual level processes and reviews the conceptualization, measurement, and lifespan development of time orientation; the outcomes associated with various time orientations; and how temporal factors influence attitudes and persuasion. Part three explores the role of time within interpersonal and group level processes as applied to such areas as close relationships, group cooperation, aggression, organizational behavior, pro-environmental behavior, and cultural issues. This book will be of interest to social and personality psychologists, and the book's applied emphasis will appeal to health, environmental, and industrial psychologists.
Credit Constraints And The Measurement Of Time Preferences Preliminary
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Author : Mark Dean
language : en
Publisher:
Release Date : 2014
Credit Constraints And The Measurement Of Time Preferences Preliminary written by Mark Dean and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Incentivized experiments are commonly used to estimate marginal rate of intertemporal substitution (MRS) in the lab and in the field, and to make inferences about subject's time preference. This paper considers the implications of an integrated model of behavior in which individuals are subject to financial shocks and credit constraints and take those into account when making experimental choices. The model shows that measured MRS depends on the individual's effective interest rate and her marginal utility of current and future consumption. Experimental responses should therefore be correlated with other variables that describe the subject's financial situation, like savings, income and consumption shocks. We test the model with a panel data set from Mali and find evidence for such effects. We discuss how our model can be combined with repeated time preference measures to identify time preferences and other household characteristics - including credit constraints and the importance of different types of financial shocks.