Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences

Quaderni DSE Working Paper No. 777

37 Pages Posted: 4 Aug 2011

See all articles by Marco Casari

Marco Casari

University of Bologna - Department of Economics

Davide Dragone

University of Bologna - Department of Economics

Multiple version iconThere are 2 versions of this paper

Date Written: July 22, 2011

Abstract

We study intertemporal choices through an experiment that elicits a subject's plan and then tracks its implementation over time. There are two main results. When facing a costly task to be completed under a deadline, two thirds of subjects prefer anticipating it rather than postponing it. Choice reversals are common although present-biased preferences alone cannot explain them. This evidence is compatible with models based on anticipatory feelings and stochastic utility.

Keywords: time inconsistency, self-control, risk, stochastic utility, real-effort experiment

JEL Classification: C91, D01, D80, D90

Suggested Citation

Casari, Marco and Dragone, Davide, Impatience, Anticipatory Feelings and Uncertainty: A Dynamic Experiment on Time Preferences (July 22, 2011). Quaderni DSE Working Paper No. 777. Available at SSRN: https://ssrn.com/abstract=1904880 or http://dx.doi.org/10.2139/ssrn.1904880

Marco Casari (Contact Author)

University of Bologna - Department of Economics ( email )

Strada Maggiore 45
Bologna, 40125
Italy

Davide Dragone

University of Bologna - Department of Economics ( email )

Piazza Scaravilli 2
Bologna, 40126
Italy
0039.051.2098880 (Phone)

HOME PAGE: http://https://www.unibo.it/sitoweb/davide.dragone/en

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