Abstract

http://ssrn.com/abstract=1883745
 
 

References (27)



 
 

Citations (1)



 


 



(Im)Patience Among Adolescents: A Methodological Note


Catherine C. Eckel


Texas A&M University

Philip J. Grossman


Monash University

Cathleen A. Johnson


University of Arizona - Department of Economics; Center for Interuniversity Research and Analysis on Organization (CIRANO)

Angela C.M. De Oliveira


University of Massachusetts at Amherst

Christian Rojas


University of Massachusetts at Amherst

Rick K. Wilson


Rice University - Department of Political Science

August 18, 2010


Abstract:     
Time preference is a fundamental component of many economic models and questions of interest. Yet, elicited preferences are frequently questioned on the grounds of potentially confounding elements of the experimental design, such as trust in the experimenter. We report on a time preference experiment using a sample of 490 high school students from Houston, TX and St. Cloud, MN. We find no relationship between confidence in receiving payment from the experimenters and the intertemporal allocation decisions. However, we find an illogical result for this population: reverse hyperbolic discounting. On aggregate the students are more likely to be impatient as choices are moved further into the future. However, this aggregate result is driven by heterogeneity in the home environment: For a subset of our population, elicited time preferences reflect increasing impatience as the decisions are farther in the future: These individuals come from home environments with factors that decrease the likelihood that they will receive the later payments. Once this heterogeneity is accounted for, the population is, on average, exponentially discounting. Results indicate that caution is warranted when trying to generalize results based on the convenience sample of university undergraduates to other populations. Further, results highlight the importance of accounting for preference heterogeneity within and across samples.

Number of Pages in PDF File: 16

Keywords: Time preference, Field experiment, Teen

JEL Classification: C93, D91

working papers series


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Date posted: July 12, 2011  

Suggested Citation

Eckel, Catherine C. and Grossman, Philip J. and Johnson, Cathleen A. and de Oliveira, Angela C.M. and Rojas, Christian and Wilson, Rick K., (Im)Patience Among Adolescents: A Methodological Note (August 18, 2010). Available at SSRN: http://ssrn.com/abstract=1883745 or http://dx.doi.org/10.2139/ssrn.1883745

Contact Information

Catherine C. Eckel (Contact Author)
Texas A&M University ( email )
5201 University Blvd.
College Station, TX 77843-4228
United States
Philip J. Grossman
Monash University ( email )
wellington road
Clayton, victoria 3800
Australia
+61399020052 (Phone)
Cathleen Amanda Johnson
University of Arizona - Department of Economics ( email )
McClelland Hall
Tucson, AZ 85721-0108
United States
Center for Interuniversity Research and Analysis on Organization (CIRANO) ( email )
2020 rue University, 25th Floor
Montreal, Quebec H3C 3J7
Canada
514-985-4000, ext. 3034 (Phone)
Angela C.M. De Oliveira
University of Massachusetts at Amherst ( email )
Amherst, MA 01003
United States
HOME PAGE: http://www.umass.edu/resec/faculty/deoliveira/index.shtml
Christian Rojas
University of Massachusetts at Amherst ( email )
Stockbridge Hall
80 Campus Center Way
Amherst, MA 01003-9246
United States
Rick K. Wilson
Rice University - Department of Political Science ( email )
Houston, TX 77005-1892
United States
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References:  27
Citations:  1

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