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Procedures for eliciting time preferences

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elicitationoftimepreferencesElsevier.pdf (1.325Mb)
Date
06/2016
Author
Freeman, David
Manzini, Paola
Mariotti, Marco
Mittone, Luigi
Keywords
Time preferences
Elicitation methods
Becker-DeGroot-Marschak procedure
Auctions
Multiple price list
HB Economic Theory
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Abstract
We study three procedures to elicit attitudes towards delayed payments: the Becker-DeGroot-Marschak procedure; the second price auction; and the multiple price list. The payment mechanisms associated with these methods are widely considered as incentive compatible, thus if preferences satisfy Procedure Invariance, which is also widely (and often implicitly) assumed, they should yield identical time preference distributions. We find instead that the monetary discount rates elicited using the Becker-DeGroot-Marschak procedure are significantly lower than those elicited with a multiple price list. We show that the behavior we observe is consistent with an existing psychological explanation of preference reversals.
Citation
Freeman , D , Manzini , P , Mariotti , M & Mittone , L 2016 , ' Procedures for eliciting time preferences ' , Journal of Economic Behavior and Organization , vol. 126 , no. A , pp. 235–242 . https://doi.org/10.1016/j.jebo.2016.03.017
Publication
Journal of Economic Behavior and Organization
Status
Peer reviewed
DOI
https://doi.org/10.1016/j.jebo.2016.03.017
ISSN
0167-2681
Type
Journal article
Rights
© 2016, Elsevier B.V. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://dx.doi.org/10.1016/j.jebo.2016.03.017
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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/11729

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