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Book
Measuring Time Preferences
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Year: 2016 Publisher: National Bureau of Economic Research

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Book
For a dollar and a dream : state lotteries in modern America
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ISBN: 9780197604885 Year: 2022 Publisher: New York, N.Y. Oxford University Press

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Book
Contemporary debates in philosophy of mind
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ISBN: 9781405117616 9781405117609 1405117613 1405117605 Year: 2007 Volume: 8 Publisher: Malden : Blackwell Pub.,

Scientific approaches to consciousness
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ISBN: 9780805814729 9780805814712 0805814728 080581471X Year: 1997 Publisher: Mahwah, N.J. : L. Erlbaum,

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All In : The Spread of Gambling in Twentieth-Century United States
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ISBN: 1943859612 Year: 2018 Publisher: Reno : University of Nevada Press,

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Digital
Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better than Delay Discounting
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Year: 2015 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Heuristic models have been proposed for many domains of choice. We compare heuristic models of intertemporal choice, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out-of-sample, cross-validated comparison of intertemporal choice models. Heuristic models outperform traditional utility discounting models, including models of exponential and hyperbolic discounting. The best performing models predict choices by using a weighted average of absolute differences and relative (percentage) differences of the attributes of the goods in a choice set. We conclude that heuristic models explain time-money tradeoff choices in experiments better than utility discounting models.


Digital
Measuring Time Preferences
Authors: --- --- ---
Year: 2016 Publisher: Cambridge, Mass. National Bureau of Economic Research

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We review research that measures time preferences - i.e., preferences over intertemporal tradeoffs. We distinguish between studies using financial flows, which we call "money earlier or later" (MEL) decisions and studies that use time-dated consumption/effort. Under different structural models, we show how to translate what MEL experiments directly measure (required rates of return for financial flows) into a discount function. We summarize empirical regularities found in MEL studies and the predictive power of those studies. We explain why MEL choices are driven in part by some factors that are distinct from underlying time preferences.


Book
Money Earlier or Later? Simple Heuristics Explain Intertemporal Choices Better than Delay Discounting
Authors: --- --- --- ---
Year: 2015 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Abstract

Heuristic models have been proposed for many domains of choice. We compare heuristic models of intertemporal choice, which can account for many of the known intertemporal choice anomalies, to discounting models. We conduct an out-of-sample, cross-validated comparison of intertemporal choice models. Heuristic models outperform traditional utility discounting models, including models of exponential and hyperbolic discounting. The best performing models predict choices by using a weighted average of absolute differences and relative (percentage) differences of the attributes of the goods in a choice set. We conclude that heuristic models explain time-money tradeoff choices in experiments better than utility discounting models.

Keywords


Book
Measuring Time Preferences
Authors: --- --- --- ---
Year: 2016 Publisher: Cambridge, Mass. National Bureau of Economic Research

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Abstract

We review research that measures time preferences--i.e., preferences over intertemporal tradeoffs. We distinguish between studies using financial flows, which we call "money earlier or later" (MEL) decisions and studies that use time-dated consumption/effort. Under different structural models, we show how to translate what MEL experiments directly measure (required rates of return for financial flows) into a discount function over utils. We summarize empirical regularities found in MEL studies and the predictive power of those studies. We explain why MEL choices are driven in part by some factors that are distinct from underlying time preferences.

Keywords


Book
The Handbook of Experimental Economics, Volume 2

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