Can intertemporal choice experiments elicit time preferences for consumption? |
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Authors: | Robin P Cubitt Daniel Read |
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Institution: | (1) School of Economics, Sir Clive Granger Building, University Park, University of Nottingham, Nottingham, NG7 2RD, UK;(2) Durham Business School, University of Durham, Mill Hill Lane, Durham, DH1 3LB, UK |
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Abstract: | The paper considers what can be inferred about experimental subjects’ time preferences for consumption from responses to laboratory
tasks involving tradeoffs between sums of money at different dates, if subjects can reschedule consumption spending relative
to income in external capital markets. It distinguishes three approaches identifiable in the literature: the straightforward
view; the separation view; and the censored data view. It shows that none of these is fully satisfactory and discusses the
resulting implications for intertemporal decision-making experiments.
JEL Classification C90, C91, D90, D91, D11, D12 |
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Keywords: | Discount rates Elicitation of time preferences Intertemporal decision-making experiments |
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