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.
Daly, M., Harmon, C. P., & Delaney, L. (2009). Psychological and biological foundations of time preference. Journal of the European Economic Association, 7(2-3), 659-669. https://doi.org/10.1162/JEEA.2009.7.2-3.659