Replication data for: Estimating Time Preferences from Convex Budgets

Principal Investigator(s): View help for Principal Investigator(s) James Andreoni; Charles Sprenger

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Project Citation:

Andreoni, James, and Sprenger, Charles. Replication data for: Estimating Time Preferences from Convex Budgets. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112569V1

Project Description

Summary: Experimentally elicited discount rates are frequently higher than what seems reasonable for economic decision-making. Such high rates are often attributed to present-biased discounting. A well-known bias of standard measurements is the assumption of linear consumption utility. Attempting to correct this bias using measures of risk aversion to identify concavity, researchers find reasonable discounting but at the cost of exceptionally high utility function curvature. We present a new methodology for identifying time preferences, both discounting and curvature, from simple allocation decisions. We find reasonable levels of both discounting and curvature and, surprisingly, dynamically consistent time preferences. (JEL C91, D12, D81)

Scope of Project

JEL Classification:
      C91 Design of Experiments: Laboratory, Individual
      D12 Consumer Economics: Empirical Analysis
      D81 Criteria for Decision-Making under Risk and Uncertainty

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Published Versions

V1 [2019-10-11]

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