Abstract
This paper considers the relationship between the economic concept of time preference and relevant concepts from psychology and biology. Using novel data from a time diary study conducted in Ireland that combined detailed psychometric testing with medical testing and real-time bio-tracking, we examine the extent to which individual differences in financial discounting are related to underlying biological and psychological differences. The paper finds that financial discounting is related to a range of psychological variables including consideration of future consequences, self-control, conscientiousness, extraversion, and experiential avoidance, as well as being predicted by heart rate variability and blood pressure.
Original language | English |
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Pages (from-to) | 659-669 |
Number of pages | 11 |
Journal | Journal of the European Economic Association |
Volume | 7 |
Issue number | 2-3 |
DOIs | |
Publication status | Published - Apr 2009 |