McLeish, Kendra N and Oxoby, Robert J (2006): Measuring Impatience: Elicited Discount Rates and the Barratt Impulsiveness Scale. Forthcoming in: Personality and Individual Differences (2007)
Download (400Kb) | Preview
We explore intertemporal decision making to test the extent to which elicited discount rates and a self-reported scale of impatience measure the same behavioral characteristic. We conduct experiments in which we elicit discount rates using monetary rewards and a self-reported measure of impatience (the Barratt Impulsiveness Scale, BIS-11). Although researchers have utilized these measures to infer aspects of intertemporal preferences, we find no significant correlation between discount rates and the BIS-11 except in the special case where discount rates were elicited after individuals were primed with negative feedback.
|Item Type:||MPRA Paper|
|Institution:||University of Calgary|
|Original Title:||Measuring Impatience: Elicited Discount Rates and the Barratt Impulsiveness Scale|
|Keywords:||intertemporal choice; impulsiveness; discounting; experiments|
|Subjects:||C - Mathematical and Quantitative Methods > C9 - Design of Experiments
D - Microeconomics > D9 - Intertemporal Choice and Growth
|Depositing User:||Robert Oxoby|
|Date Deposited:||19. Jan 2007|
|Last Modified:||13. Feb 2013 05:38|
Banks, J., Blundell, R., Tanner, S., 1998. Is there a retirement savings puzzle? American Economic Review 88 (4), 769-788.
Brown, G. W., September 2002. Social roles, context and evolution in the origins of depression. Journal of Health and Social Behavior 43 (3), 255-276.
Camerer, C. F., 2003. Behavioral Game Theory. Princeton University Press, Princeton NJ.
Capra, C. M., 2004. Mood driven distortions in strategic interactions. American Economic Review Papers and Proceedings 94 (2), 367-372.
Carrillo-de-la-Peña, M., Otero, J., Romero, E., 1993. Comparisons among various methods of assessment of impulsiveness. Perceptual and Motor Skills 77, 567- 575.
Charness, G., Levin, D., forthcoming. When optimal choices feel wrong: A laboratory study of Bayesian updating, complexity, and affect. American Economic Review.
Clift, S., Wilkins, J., Davidson, E., 1993. Impulsiveness, venturesomeness and sexual risk-taking among heterosexual GUM clinic attenders. Personality and Individual Differences 15, 403-410.
Coffey, S. F., Gudleski, G. D., Saladin, M. E., Brady, K. T., 2003. Impulsivity and rapid discounting of delayed hypothetical rewards in cocaine-dependent individuals. Experimental and Clinical Psychopharmacology 11 (1), 18-25.
Coller, M., Williams, M. B., 1999. Eliciting individual discount rates. Experimental Economics 2, 107-127.
Conlisk, J., 1996. Why bounded rationality? Journal of Economic Literature 34 (2), 669-700.
Crean, J. P., de Wit, H., Richards, J. B., 2000. Reward discoutning as a measure of impulsive behavior in a psychiatric outpatient population. Experimental and Clinical Psychopharmacology 8 (2), 155-162.
Doran, N., Spring, B., McChargue, D., ands Malia Richmond, M. P., 2004. Impulsivity and smoking relapse. Nicotine & Tobacco Research 6 (4), 641-647.
Eckel, C., Johnson, C., Montmarquette, C., 2002. Will the working poor invest in human capital? A laboratory experiment. CIRANO working paper 2002RP-08.
Elster, J., 1999. Emotion and addiction: Neurobiology, culture, and choice. In: Elster, J. (Ed.), Addiction: Entries and Exits. Russell Sage Foundation, New York, pp. 239-276.
Eysenck, S., McGurk, B., 1980. Impulsiveness and ventursomeness in a detention center population. Psychological Reports 47, 1299-1306.
Fischbacher, U., 1999. Toolbox for readymade economic experiments. Tech. Rep. IEW Working paper 21, University of Zurich.
Fossati, A., Barratt, E., Acquarini, E., DiCeglie, A., 2002. Psychometric properties of an adolescent version of the Barratt Impulsiveness Scale-11 for a sample of Italian high school students. Perceptual and Motor Skills 95 (2), 621-635.
Frederick, S., Loewenstein, G., O'Donoghue, T., 2003. Time discounting and time preference: A critical review. Journal of Economic Literature 40, 351-401.
Harrison, G. W., Lau, M. I., Rutström, E. E., Sullivan, M. B., 2005. Eliciting risk and time preferences using field experiments: Some methodological issues. In: Carpenter, J., Harrison, G., List, J. (Eds.), Field Experiments in Economics. Vol. 10 of Research in Experimental Economics. JAI Press, Greenwich, CT, pp. 337- 372.
Harrison, G. W., Lau, M. I., Williams, M. B., 2002. Eliciting individual discount rates in Denmark: A field experiment. American Economic Review 92 (5), 1606- 1617.
Hertwig, R., Ortmann, A., 2001. Experimental practices in economics: A methodological challenge for psychologists? Behavioral and Brain Sciences 24, 383-451.
Hollander, E., Swann, A. C., Coccaro, E. F., Jang, P., Smith, T. B., 2005. Impact of trait impulsivity and state aggression on divalproex versus placebo response in borderline personality disorder. American Journal of Psychiatry 162, 621-624.
Karp, L., 2005. Global warming and hyperbolic discounting. Journal of Public Economics 89, 261-282.
Kirby, K. N., Petry, N. M., Bickel, W. K., 1999. Heroin addicts have higher discount rates for delayed rewards than non-drug-using controls. Journal of Experimental Psychology: General 128 (1), 78-87.
Laibson, D., 1997. Hyperbolic discounting and golden eggs. Quaterly Journal of Economics 112 (2), 443-477.
Loewenstein, G., 1996. Out of control: Visceral influences on behavior. Organizational Behavior and Human Decision Processes 65 (3), 272-292.
Loewenstein, G., O'Donoghue, T., 2004. Animal spirits: Affective and deliberative proceeses in economic behavior. Working paper.
Madden, G. J., Petry, N. M., Badger, G. J., Bickel, W. K., 1997. Impulsive and selfcontrol choices in opioid-dependent patients and non-drug-using control participants: Drug and monetary rewards. Experimental and Clinical Psychopharmacology 5 (3), 256-262.
McLeod, J. D., Shanahan, M. J., June 1993. Poverty, parenting, and children's mental health. American Sociological Review 58 (3), 351-366.
Mitchell, S., 1999. Measures of impulsivity in cigarette smokers and non-smokers. Psychopharmacology 146 (4), 455-464.
Mitzkewitz, M., Nagel, R., 1993. Experimental results on ultimatum games with incomeplete information. International Journal of Game Theory 22, 171-198.
Monterosso, J., Ainslie, G., 1999. Beyond discounting: Possible experimental methods of impusle control. Psychopharmacology 146, 339-347.
O'Donoghue, T., Rabin, M., 1999. Doing it now or doing it later. American Economic Review 89 (1), 103-24.
O'Donoghue, T., Rabin, M., 2000. Risky behavior among youths: Some issues from behavioral economics. In: Gruber, J. (Ed.), Youthful Risky Behavior: An Economic Perspective. University of Chicago Press, Chicago.
O'Donoghue, T., Rabin, M., 2001. Choice and procrastination. Quaterly Journal of Economics 116 (1), 121-160.
Oxoby, R. J., McLeish, K. N., 2004. Specific decision and strategy vector methods in ultimatum bargaining: Evidence on the strength of other-regarding behavior. Economics Letters 84 (3), 399-405.
Patton, J. H., Stanford, M. S., Barratt, E. S., 1995. Factor structure of the Barratt impulsiveness scale. Journal of Clinical Psychology 51 (6), 768-774.
Read, D., vanLeeuwen, B., 1998. Predicting hunger: The effects of appetite and delay on choice. Organizational Behavior and Human Decision Processes 76, 189-205.
Richards, J. B., Zhang, L., Mitchell, S. H., de Witt, H., March 1999. Delay or probability discounting in a model of impulsive behavior: Effects of alcohol. Journal of the Experimental Analysis of Behavior 71 (2), 121-143.
Shapiro, J. M., 2005. Is there a daily discount rate? Evidence from the food stamp nutrition cycle. Journal of Public Economics 89, 303-325.
Stanford, M., Greve, K., Dickens, T., 1995. Irritability and impulsiveness: Relationship to self-reported impulsive aggression. Personality and Individual Differences 19, 757-760.
Stanford, M. S., Greve, K. W., Boudreaux, J. K., Mathias, C. W., Brumbelow, J. L., 1996. Impulsiveness and risk-taking behavior: comparison of high-school and college students using the Barratt Impulsiveness Scale. Personality and Individual Differences 21 (6), 1073-1075.
Thaler, R. H., Shefrin, H. M., 1981. An economic theory of self-control. Journal of Political Economy 89 (2), 392-406.
Thompson, R., Teare, J., Elliot, S., 1983. Impulsivity: From theoretical constructs to applied interventions. Journal of Special Education 17, 157-169.
Vuchinich, R. E., Simpson, C. A., 1998. Hyperbolic temporal discounting in social drinkers and problem drinkers. Experimental and Clinical Psychopharmacology 6 (3), 292-305.
Wilson, M., Daly, M., 2003. Do pretty women inspire men to discount the future? Biology Letters S4, 177-179.