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  1. Preferences over time and under uncertainty
    theoretical foundations
    Autor*in: Al-Nowaihi, Ali; Dhami, Sanjit S.
    Erschienen: July 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We formulate a general theory of preferences over outcome-time-probability triplets and decompose uncertainty into risk and hazard. We define the delay, defer, shift and certainty functions that can be uniquely elicited from behaviour. These... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63
    Fernleihe:
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    We formulate a general theory of preferences over outcome-time-probability triplets and decompose uncertainty into risk and hazard. We define the delay, defer, shift and certainty functions that can be uniquely elicited from behaviour. These individually determine stationarity, the common difference effect and its converse; constant, decreasing and increasing impatience; additivity, subadditivity and super additivity; probability independence, the certainty effect and its converse. We propose a general discounted utility model which encompasses the main empirically supported discounted utility models. We show that our axioms on preferences are satisfied in our general discounted utility model. Finally, we discuss the various explanations of the common difference effect.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/245396
    Schriftenreihe: CESifo working paper ; no. 9215 (2021)
    Schlagworte: time preferences; preferences under uncertainty; discounted utility models; common difference effect; impatience; additivity; certainty effect; probability weighting function; survival function; time preferences; preferences under uncertainty; discounted utility models; common difference effect; impatience; additivity; certainty effect; probability weighting function; survival function
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  2. RoSCAs in Egypt
    a banking institution or a commitment device?
    Autor*in: Rabie, Dina
    Erschienen: September 2021
    Verlag:  Universität Hamburg, Fakultät für Rechtswissenschaft, [Hamburg]

    Rotating Savings and Credit Associations (RoSCAs) is a widely spread informal financial institution in developing countries. This paper examines how access to formal banking (or lack thereof), impatience and self-control are correlated with... mehr

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    DS 572
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    Rotating Savings and Credit Associations (RoSCAs) is a widely spread informal financial institution in developing countries. This paper examines how access to formal banking (or lack thereof), impatience and self-control are correlated with individuals' decisions to join RoSCAs. The paper employs an incentivized experiment to elicit impatience and a questionnaire to measure bank access, self-control and RoSCA participation among university employees in Cairo (Egypt). Findings indicate that access to formal banking significantly decreases the likelihood of RoSCA participation. In addition, behavioural attitudes partially (self-control but not impatience) correlates with the RoSCA participation decision. Conditional on RoSCA participation, behavioural attitudes towards self-control and impatience are significant correlates of whether an individual is a saver or a borrow in the informal institution.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/241869
    Schriftenreihe: Institute of Law and Economics working paper series ; no. 52 (2021)
    Schlagworte: RoSCAs; RoSCA rank; informal banking; impatience; self-control
    Umfang: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  3. Globalization, time-preferences, and populist voting
    Autor*in: Aronsson, Thomas; Hetschko, Clemens; Schöb, Ronnie
    Erschienen: [2020]
    Verlag:  Department of Economics, Umeå University, Umeå, Sweden

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    Sprache: Englisch
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    Format: Online
    Schriftenreihe: Umeå economic studies ; no. 978
    Schlagworte: Globalization; time-preference; impatience; time-inconsistency; populism; Brexit; up-front redistribution
    Umfang: 1 Online-Ressource (circa 63 Seiten)
  4. Income volatility increases financial impatience
    Autor*in: West, Colin; Whillans, Ashley V.; DeVoe, Sanfod
    Erschienen: [2020]
    Verlag:  Harvard Business School, [Boston, MA]

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    Sprache: Englisch
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    Format: Online
    Schriftenreihe: Working paper / Harvard Business School ; 21, 053
    Schlagworte: income volatility; compensation; impatience; time preferences
    Umfang: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  5. The labor market consequences of impatience
    some people would be happier if they were required to stay in school longer or search harder for a job while unemployed
    Autor*in: Cadena, Brian C.; Keys, Benjamin J.
    Erschienen: 2022
    Verlag:  Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), Bonn

    Standard economic theory suggests that individuals know best how to make themselves happy. Thus, policies designed to encourage more forward-looking behaviors will only reduce people's happiness. Recently, however, economists have explored the role... mehr

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    Standard economic theory suggests that individuals know best how to make themselves happy. Thus, policies designed to encourage more forward-looking behaviors will only reduce people's happiness. Recently, however, economists have explored the role of impatience, especially difficulties with delaying gratification, in several important economic choices. There is strong evidence that some people have trouble following through on investments that best serve their long-term interests. These findings open the door to policies encouraging or requiring more patient behaviors, which would allow people to enjoy the eventual payoff from higher initial investment.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/274621
    Schriftenreihe: IZA world of labor ; 2022, 233v2
    Schlagworte: impatience; dynamic inconsistency; educational investment; job search; lifetime earnings
    Umfang: 1 Online-Ressource (circa 11 Seiten), Illustrationen
    Bemerkung(en):

    Previous version February 2016
  6. Permanent instability of preferences after COVID-19 crisis
    a natural experiment from urban Burkina Faso
    Autor*in: Boutin, Delphine; Petifour, Laurene; Megzari, Haris
    Erschienen: April 2023
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    The salience of the first Covid-19 crisis over a well-identified period makes it an unexpected and abrupt change in the environment. This study uses the onset of the Covid-19 crisis to empirically examine whether risk and time preferences change in... mehr

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    The salience of the first Covid-19 crisis over a well-identified period makes it an unexpected and abrupt change in the environment. This study uses the onset of the Covid-19 crisis to empirically examine whether risk and time preferences change in response to this exogenous shock, and whether those variations are temporary or durable. We use an original panel dataset conducted in January 2020 (before any event), in June 2020 (just after the removal of strong economic measures) and in January 2022 among women working in the informal sector in Ouagadougou, Burkina Faso. We use individual fixed effects on the balanced panel to isolate the specific causal effect of the Covid-19 crisis on variation in attitudes toward risk and time. Two time horizons are analyzed: immediately at the end of the economic restrictions (short-term effect), then two years later (medium-term effect). We demonstrate strong preference instability: immediately after the shock of the Covid-19, risk aversion changed over the 6-month period in both the gain (12%) and loss (-47%) domains, while impatience increased by 20%. Eighteen months later, preferences have not returned to their pre-shock level, suggesting an abrupt and permanent effect of Covid-19 on individual preferences. We also show that risk aversion (in both domains) is non-sensitive to actual impacts, but appears to be driven by economic fears and concerns related to the Covid-19 crisis.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Weitere Identifier:
    hdl: 10419/272702
    Schriftenreihe: Discussion paper series / IZA ; no. 16075
    Schlagworte: COVID-19; risk attitudes; impatience; emotions; media exposure
    Umfang: 1 Online-Ressource (circa 64 Seiten), Illustrationen