Time preferences and their life outcome correlates: Evidence from a representative survey

We collect data on time preferences of a representative sample of the Hungarian adult population in a non-incentivized way and investigate how patience and present bias associate with important life outcomes in five domains: i) educational attainment, ii) unemployment, iii) income and wealth, iv) fi...

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Bibliographic Details
Published in:PloS one 2020-07, Vol.15 (7), p.e0236486-e0236486
Main Authors: Horn, Dániel, Kiss, Hubert János
Format: Article
Language:English
Subjects:
Bias
Biology and Life Sciences
Commerce
Cost control
Decision Making
Decisions
Discount rates
Domains
Economics
Education
Educational attainment
Educational Status
Engineering and Technology
Health
Health risks
Human capital
Humans
Hypotheses
Income
Medicine and Health Sciences
Population
Preferences
Probability
Regression Analysis
Social Sciences
Statistics as Topic
Studies
Surveys and Questionnaires
Time Factors
Unemployment
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Summary:We collect data on time preferences of a representative sample of the Hungarian adult population in a non-incentivized way and investigate how patience and present bias associate with important life outcomes in five domains: i) educational attainment, ii) unemployment, iii) income and wealth, iv) financial decisions and difficulties, and v) health. Based on the literature, we formulate the broad hypotheses that patience relates positively, while present bias associates negatively with positive outcomes in the domains under study. With the exception of unemployment, we document a consistent and often significant positive relationship between patience and the corresponding domain, with the strongest associations in educational attainment, wealth and financial decisions. We find that present bias associates significantly with saving decisions and financial difficulties.
ISSN:1932-6203
1932-6203
DOI:10.1371/journal.pone.0236486