Psychological and biological foundations of time preference : evidence from a day reconstruction study with biological tracking

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Title: Psychological and biological foundations of time preference : evidence from a day reconstruction study with biological tracking
Authors: Delaney, Liam
Daly, Michael
Harmon, Colm
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Date: 10-Aug-2008
Online since: 2008-10-20T15:30:13Z
Abstract: This paper considers the relationship between the economic concept of time preference and relevant concepts from psychology and biology. Using novel data from a time diary study conducted in Ireland that combined detailed psychometric testing with medical testing and real time bio-tracking, we examine the distribution of a number of psychometric measures linked to the economic concept of time preferences and test the extent to which these measures form coherent clusters and the degree to which these clusters are related to underlying biological substrates. The paper finds that financial discounting is related to a range of psychological variables including consideration of future consequences, self-control, conscientiousness, extraversion, and experiential avoidance as well as being predicted by heart rate variability and blood pressure.
Type of material: Working Paper
Publisher: University College Dublin. Geary Institute
Series/Report no.: UCD Geary Institute Discussion Paper Series; WP/19/2008; UCD Centre for Economic Research Working Paper Series; WP08/19
Copyright (published version): 2008 Geary Institute
Subject LCSH: Time and economic reactions--Ireland
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Language: en
Status of Item: Not peer reviewed
Appears in Collections:Geary Institute Working Papers
Economics Research Collection
Economics Working Papers & Policy Papers

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