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Published on: August 25, 2023
Time preference and personal value: a population-based cross-sectional study in Japan.
Norito Kawakami1, Kazuhiro Watanabe2, Daisuke Nishi2
1Department of Mental Health, Graduate School of Medicine, The University of Tokyo, Tokyo, Japan. nkawakami@m.u-tokyo.ac.jp.
This study found that time preference, including time discounting and hyperbolic time discounting, is linked to personal values. Specifically, valuing a stable life relates to time discounting, while commitment to values at age 15 relates to hyperbolic time discounting.
Area of Science:
- Behavioral economics
- Psychology
- Sociology
Background:
- Personal values significantly influence decision-making.
- Time preference, encompassing time discounting and hyperbolic time discounting, plays a crucial role in future-oriented choices.
- Understanding the interplay between values and time preference is essential for various fields.
Purpose of the Study:
- To investigate the association between time preference (time discounting and hyperbolic time discounting) and personal values (priority values and commitment to value).
- To explore these associations in a sample of adult community residents in Japan.
Main Methods:
- Analysis of data from a three-wave panel study (2010-2017) of 2787 adult community residents in Japan.
- Measurement of time discount rate and hyperbolic discount using a three-item choice-based scale.
- Assessment of priority values and commitment to value using questionnaires at wave 3, with adjustments for sociodemographic variables and childhood socioeconomic status.
Main Results:
- Time discount rate was negatively associated with the value of maintaining a stable life.
- Hyperbolic time discounting was negatively associated with commitment to value at age 15.
- Analyses included data from 1880 and 1958 respondents for time discounting and hyperbolic time discounting, respectively.
Conclusions:
- An association exists between time preference and personal values.
- Time discounting and hyperbolic time discounting may relate to different facets of personal values: priority values and commitment to value, respectively.
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