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Updated: Aug 14, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Valuing future benefits
1Health Economics Research Unit, University of Aberdeen, Foresterhill Scotland.
Abstract:
This paper reports the results of a study of time preference amongst the general public in the Grampian region of Scotland. The subjects, who were selected randomly from the electoral roll, were offered a series of intertemporal choices. Their responses were used to calculate private financial time preference rates, social non-monetary time preference rates and social financial time preference rates. The paper investigates the relationship between these three measures of time preference in both the short and the long run. It also explores the effects of individual characteristics, including age, and health, on the implicit discount rates.
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