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Different domains - Different time preferences?
Eskild Klausen Fredslund1, Morten Raun Mørkbak2, Dorte Gyrd-Hansen1
1DaCHE - Danish Centre for Health Economics, Department of Public Health, University of Southern Denmark, J.B. Winsløws vej 9 B, Odense DK-5000, Denmark.
Social Science & Medicine (1982)
|May 8, 2018
Summary
This study found that time preferences for financial rewards and health improvements are remarkably similar. While generally consistent, small differences in time preferences were observed among specific subgroups, including women and retirees.
Area of Science:
- Behavioral Economics
- Health Economics
- Psychology
Background:
- Most research on time preferences and health behavior uses financial measures, potentially affecting result reliability.
- Understanding domain-specific time preferences is crucial for accurate health behavior modeling.
Purpose of the Study:
- To investigate potential differences in time preferences between the financial and health domains.
- To assess the consistency of time preferences across different contexts.
Main Methods:
- Utilized a stated preference matching method to elicit time preferences.
- Employed a split-sample design comparing back pain relief (health) with monetary rewards (financial).
- Applied quasi-hyperbolic discounting to estimate present bias and impatience.
Main Results:
- Time preference estimates for long-term discounting and present bias were remarkably similar across financial and health domains.
- Small but significant differences in time preferences were noted in subgroups: women, retirees, and individuals with longer education.
Conclusions:
- Time preferences measured in monetary and health domains are nearly identical in the studied sample.
- Subgroup analyses reveal minor variations, suggesting context-specific nuances in time discounting.
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