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http://ssrn.com/abstract=1481443
 
 

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How Time Preferences Differ: Evidence from 45 Countries


Mei Wang


WHU - Otto Beisheim School of Management

Marc Oliver Rieger


University of Trier

Thorsten Hens


University of Zurich - Department of Banking and Finance; Norwegian School of Economics and Business Administration (NHH); Swiss Finance Institute (Zurich Center)

January 25, 2010

Swiss Finance Institute Research Paper No. 09-47

Abstract:     
We present results from the first large-scale international survey on time discounting, conducted in 45 countries. Cross-country varia- tion cannot simply be explained by economic variables such as interest rates or inflation. In particular, we find strong evidence for cultural differences, as measured by the Hofstede cultural dimensions. For ex- ample, high levels of Uncertainty Avoidance or Individualism are both associated with strong hyperbolic discounting. Moreover, as applica- tion of our data, we find evidence for an impact of time preferences on the capability of technological innovations in a country and on environmental protection.

Number of Pages in PDF File: 55

Keywords: Intertemporal decision, Endogenous preference, Cross-cultural comparison

JEL Classification: D90, F40

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Date posted: October 4, 2009 ; Last revised: July 14, 2011

Suggested Citation

Wang, Mei and Rieger, Marc Oliver and Hens, Thorsten, How Time Preferences Differ: Evidence from 45 Countries (January 25, 2010). Swiss Finance Institute Research Paper No. 09-47. Available at SSRN: http://ssrn.com/abstract=1481443 or http://dx.doi.org/10.2139/ssrn.1481443

Contact Information

Mei Wang (Contact Author)
WHU - Otto Beisheim School of Management ( email )
Burgplatz 2
Vallender, 56179
Germany
Marc Oliver Rieger
University of Trier ( email )
15, Universitaetsring
Trier, 54286
Germany
HOME PAGE: http://www.banking-finance.uni-trier.de
Thorsten Hens
University of Zurich - Department of Banking and Finance ( email )
Plattenstrasse 32
Zurich, 8032
Switzerland
+41-44 634 37 06 (Phone)
Norwegian School of Economics and Business Administration (NHH)
Helleveien 30
Bergen, 5045
Norway
Swiss Finance Institute (Zurich Center)
c/o University of Geneve
40, Bd du Pont-d'Arve
1211 Geneva, CH-6900
Switzerland
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