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Related Experiment Videos

Negative and zero time preference for health.

M M Van Der Pol1, J A Cairns

  • 1University of Aberdeen, Aberdeen, Scotland, UK. m.m.vanderpol@abdn.ac.uk

Health Economics
|March 18, 2000
PubMed
Summary

Most people prefer immediate rewards, but this study reveals many individuals exhibit zero or negative time discount rates. Factors like perceived health severity and education influence these preferences.

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Area of Science:

  • Behavioral Economics
  • Health Economics
  • Decision Science

Background:

  • Economic models often assume positive time preference, implying people value present over future rewards.
  • Empirical evidence suggests a significant portion of the population may exhibit zero or negative time discount rates.
  • Understanding time preference is crucial for analyzing intertemporal choices, especially in health and savings.

Purpose of the Study:

  • To investigate the prevalence of positive, zero, and negative time discount rates in a general population sample.
  • To identify demographic and perceptual factors influencing an individual's time discount rate.
  • To challenge the universal assumption of positive time preference in economic decision-making.

Main Methods:

  • Survey-based study collecting data on individual time preferences.
  • Probit regression analysis to determine the influence of various factors on discount rates.
  • Assessment of perceived health-state severity and question difficulty as potential moderators.

Main Results:

  • While most respondents displayed positive time discount rates, a substantial minority showed zero or negative rates.
  • Perceived health-state severity, gender, education level, and perceived question difficulty significantly influenced time discount rates.
  • These findings indicate heterogeneity in intertemporal decision-making beyond the standard economic assumption.

Conclusions:

  • The assumption of universally positive time preference is not supported by empirical data.
  • Individual perceptions and characteristics play a significant role in shaping time discount rates.
  • Future economic models analyzing intertemporal choices should account for the diversity of time preferences, including zero and negative rates.

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