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Time preference, time discounting, and smoking decisions.

Ahmed Khwaja1, Dan Silverman, Frank Sloan

  • 1Fuqua School of Business, Duke University, Durham, NC, USA.

Journal of Health Economics
|June 19, 2007
PubMed
Summary
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Smokers exhibit greater impatience based on general time preference measures like impulsivity, not specific time discounting rates. These general measures, alongside self-control, are more strongly linked to smoking decisions than revealed time discount rates.

Area of Science:

  • Behavioral Economics
  • Public Health
  • Psychology

Background:

  • Time preference and discounting are crucial in understanding health behaviors, including smoking.
  • Previous research suggests a link between impatience and smoking, but the specific mechanisms are debated.

Purpose of the Study:

  • To investigate the relationship between time discounting, broader measures of time preference, and smoking status.
  • To differentiate between elicited time discount rates and general time preference/self-control indicators in relation to smoking.

Main Methods:

  • A survey was used to elicit time discount rates from financial and health-related choices.
  • Quasi-hyperbolic discounting framework applied using willingness-to-undergo colonoscopy scenarios.
  • General time preference measures (impulsivity, financial planning horizon) were assessed.

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Main Results:

  • High financial time discounting rates were observed across all participants.
  • Health domain discounting showed hyperbolic patterns and sign effects, but no differences by smoking status.
  • Smokers were more impulsive and had shorter financial planning horizons, but these traits did not correlate with elicited time discounting rates.

Conclusions:

  • Subjective time discount rates from committed choices do not explain smoking behavior differences.
  • General measures of time preference (impulsivity) and self-control (financial planning) are more relevant to smoking decisions.