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Grit, discounting, & time inconsistency.

Christian König-Kersting1, Stefan T Trautmann2,3

  • 1Department of Banking and Finance, University of Innsbruck, Universitätsstraße 15, 6020 Innsbruck, Austria.

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Summary
This summary is machine-generated.

Impatience, but not time inconsistency, is linked to grit's perseverance of effort component. Both impatience and grit predict financial and health outcomes, suggesting their inclusion in intertemporal decision studies.

Keywords:
Decreasing impatienceGritHealthHousehold financeTime inconsistencyTime preferences

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Area of Science:

  • Behavioral Economics
  • Psychology

Background:

  • Grit, a measure of perseverance and passion for long-term goals, comprises perseverance of effort and consistency of interests.
  • Economic concepts of impatience and time inconsistency describe individuals' preferences over time.
  • Understanding the relationship between psychological traits like grit and economic decision-making is crucial.

Purpose of the Study:

  • To investigate the association between the two components of grit and economic measures of impatience and time inconsistency.
  • To examine the predictive power of impatience and grit for financial and health outcomes.

Main Methods:

  • The study utilized psychological grit measures (perseverance of effort, consistency of interests).
  • Economic measures of impatience and time inconsistency were employed.
  • Associations and predictive relationships with financial and health outcomes were analyzed in a general population sample.

Main Results:

  • Impatience was significantly associated with the perseverance of effort component of grit.
  • No significant association was found between time inconsistency and grit.
  • Impatience and grit were predictive of financial and health outcomes, whereas time inconsistency was not.

Conclusions:

  • Perseverance of effort in grit is linked to economic impatience.
  • Impatience and grit are valuable predictors of financial and health behaviors.
  • Incorporating measures of economic impatience and psychological grit in studies of intertemporal decisions is recommended.