On Measuring Time Preferences

James Andreoni, Michael A. Kuhn, Charles Sprenger

NBER Working Paper No. 19392
Issued in August 2013
NBER Program(s):   PE

Eliciting time preferences has become an important component of both laboratory and field experiments, yet there is no consensus as how to best measure discounting. We examine the predictive validity of two recent, simple, easily administered, and individually successful elicitation tools: Convex Time Budgets (CTB) and Double Multiple Price Lists (DMPL). Using similar methods, the CTB and DMPL are compared using within- and out-of-sample predictions. While each perform equally well within sample, the CTB significantly outperforms the DMPL on out-of-sample measures.

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Document Object Identifier (DOI): 10.3386/w19392

Published: Journal of Economic Behavior & Organization Volume 116, August 2015, Pages 451–464 Cover image Measuring time preferences: A comparison of experimental methods ☆ James Andreonia, , Michael A. Kuhnb, , Charles Sprengerc, ,

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