The elicitation of the elasticity of intertemporal substitution (EIS), discount factor, and risk attitude parameters in dynamic models is of central importance to economics, finance and public policy. This paper suggests an alternative method to jointly elicit and estimate these three parameters...

Experimentalists researching individual time-preference behavior report that hyperbolic discounting explains their results better than exponential discounting. Financial institutions almost exclusively employ exponential discounting, so these results expose a rift in thought between financial...

In this note we ask when Epstein-Zin-Weil (EZW) recursive utility over the infinite horizon is well-founded. EZW recursive utility has a parameter $\gamma 0$ representing risk aversion and a parameter $\psi 0$ representing intertemporal elasticity of substitution, and is an extension of...

The effectiveness of health recommendations and treatment plans depends on the extent to which individuals follow them. For the individual, medical adherence involves an inter-temporal trade-off between expected future health benefits and immediate effort costs. Therefore examining time...

We study a dynamic volunteering dilemma game in which two players choose to volunteer or wait given there have not been any volunteering actions in the past. The players can be procrastinators and the benefits of volunteering arrive later than the costs. We fully characterise the stationary...

Large amounts of evidence suggest that trust levels in a country are an important determinant of its macroeconomic growth. In this paper, we investigate one channel through which trust might support economic performance: through the levels of patience, also known as time preference in the...

Against the background of the increasingly discussed “Linguistic Saving Hypothesis” (Chen, 2013), I studied whether the targeted use of a present tense (close tense) and a future tense (distant tense) within the same language have an impact on intertemporal decision-making. In a monetarily...

We study the malleability of patience via educational interventions by aggregating evidence from earlier experiments in a meta-analysis and by conducting a field experiment. We find that the average effect of interventions on patience is positive but uncertain. The age of students explains a...

In this paper, I examine the causal impact of health shocks on time spent in home production among retirees using the Health and Retirement Study data. On the one hand, an increase in home production can shelter consumption from falling net income due to medical costs increase (income effect)....

This paper investigates individual time preferences between individuals living in a disability household and those who live in a non-disability household in Vietnam. Using randomized primes together with experimental tasks to elicit time preferences, our empirical results show that individuals...