Modeling and Measuring Time Preferences.
Room: E5.22, 16:00 - 17:15.
This talk covers a series of theoretical and empirical investigations into time preferences. We first present the first revealed-preference characterizations of the most common models of intertemporal choice, the exponentially discounted utility, the quasi-hyperbolic discounted utility, and the time-separable utility. Our characterizations take consumption data as primitives and provide non-parametric revealed-preference tests. We then apply our tests to 12 datasets from 10 recent studies using Convex Time Budget (CTB) design proposed by Andreoni and Sprenger (2012), and deliver new insights on choice datasets that had been analyzed by traditional parametric methods. Finally, we will discuss implications to the design of CTB experiments.