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Valuing future benefits

J A Cairns1

  • 1Health Economics Research Unit, University of Aberdeen, Foresterhill Scotland.

Health Economics
|July 1, 1994
PubMed
Summary
This summary is machine-generated.

This study examined time preference in Scotland, revealing distinct private financial, social non-monetary, and social financial rates. Individual factors like age and health influenced these discount rates.

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Area of Science:

  • Behavioral Economics
  • Psychology

Background:

  • Understanding individual and societal time preferences is crucial for economic and policy decisions.
  • Previous research often focuses on specific demographics or limited measures of time preference.

Purpose of the Study:

  • To investigate time preference rates (private financial, social non-monetary, social financial) in the general public.
  • To explore the relationships between these different measures of time preference.
  • To examine the influence of individual characteristics on time preference.

Main Methods:

  • Random sampling from the electoral roll in Scotland's Grampian region.
  • Utilizing a series of intertemporal choice scenarios.
  • Calculating private financial, social non-monetary, and social financial time preference rates.

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Main Results:

  • Distinct private financial, social non-monetary, and social financial time preference rates were identified.
  • The study analyzed the short-run and long-run relationships between these rates.
  • Age and health were found to affect implicit discount rates.

Conclusions:

  • Time preference is multi-faceted, encompassing private financial and social dimensions.
  • Individual characteristics play a significant role in shaping time preference.
  • Findings have implications for public policy and economic modeling.