An International Survey on Time Discounting

We present results from the rst large-scale international surveyon time discounting, conducted in 45 countries. Cross-country varia-tion cannot simply be explained by economic variables such as interestor ination rates. In particular, we nd strong evidence for culturaldierences, as measured by the Hofstede cultural dimensions. For ex-ample, large levels of uncertainty aversion are associated with stronghyperbolic discounting.

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Year of publication:	2009-11-21
Authors:	Wang, Mei ; Rieger, Marc Oliver ; Hens, Thorsten
Institutions:	Swiss Finance Institute <Zürich>
Subject:	Entscheidungstheorie \| decision theory \| Zeitpräferenz \| Wachstum \| Kultur \| Culture

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1 Introduction
2 Methodology
2.1 Measuring time preference
.2 Measuring risk preference and loss aversion
2.3 Measuring cultural dimensions
2.4 The survey instrument
3 Results
3.1 Measured level of time discounting
3.2 What correlates with time preference: Individual-level analysis
3.3 What correlates with time preference: Country-level analysis
4 Discussion and Applications
4.1 General discussion
4.2 Examples for possible applications
4.3 Financial market and political institutions
4.4 Future directions
Acknowledgements
References

Persistent link: https://www.econbiz.de/10005868525