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Looking ahead: Subjective time perception and individual discounting

Author

Listed:
  • W. David Bradford

    (University of Georgia)

  • Paul Dolan

    (London School of Economics)

  • Matteo M. Galizzi

    (London School of Economics, Department of Psychological and Behavioural Science, and LSE Behavioural Science Hub)

Abstract

We disentangle hyperbolic discounting from subjective time perception using experimental data from incentive-compatible tests to measure time preferences, and a set of experimental tasks to measure time perception. Two behavioral parameters are related to two factors affecting how we look ahead to future events. The first is some component of time preferences reflecting hyperbolic discounting. The second factor is that non-constant discounting may also be a reflection of subjective time perception: if people’s perception of time follows a near logarithmic process (as heat, sound, and light do) then estimates of individual discounting will be mis-measured and incorrectly suggest hyperbolic discounting even if discounting over subjective time is constant. We empirically estimate the two distinct behavioral parameters using data collected from 178 participants in a lab experiment. The results support the hypothesis that apparent non-constant discounting is largely a reflection of non-linear subjective time perception.

Suggested Citation

  • W. David Bradford & Paul Dolan & Matteo M. Galizzi, 2019. "Looking ahead: Subjective time perception and individual discounting," Journal of Risk and Uncertainty, Springer, vol. 58(1), pages 43-69, February.
    • Handle: RePEc:kap:jrisku:v:58:y:2019:i:1:d:10.1007_s11166-019-09298-1
    DOI: 10.1007/s11166-019-09298-1
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    2. Stephen L. Cheung & Kieran MacGibbon & Arquette Milin-Byrne & Agnieszka Tymula, 2024. "Quasi-exponential discounting," Working Papers 2024-16, University of Sydney, School of Economics.
    3. Peter Haan & Chen Sun & Uwe Sunde & Georg Weizsäcker, 2022. "Non-Additivity of Subjective Expectations over Different Time Intervals," Discussion Papers of DIW Berlin 2027, DIW Berlin, German Institute for Economic Research.
    4. Krekel, Christian & MacKerron, George, 2023. "Back to Edgeworth? Estimating the Value of Time Using Hedonic Experiences," IZA Discussion Papers 16308, Institute of Labor Economics (IZA).
    5. Chen, Xiu & Zhao, Xiaojian, 2024. "How time flies: Time perception and intertemporal choice," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 109(C).
    6. Pavlo R. Blavatskyy, 2023. "Intertemporal choice with savoring of yesterday," Theory and Decision, Springer, vol. 94(3), pages 539-554, April.
    7. Pavlo R. Blavatskyy, 2022. "Intertemporal choice as a tradeoff between cumulative payoff and average delay," Journal of Risk and Uncertainty, Springer, vol. 64(1), pages 89-107, February.
    8. Stefan A. Lipman & Arthur E. Attema, 2024. "A systematic review of unique methods for measuring discount rates," Journal of Risk and Uncertainty, Springer, vol. 69(2), pages 145-189, October.
    9. Thomas, Ranjeeta & Galizzi, Matteo M. & Moorhouse, Louisa & Nyamukapa, Constance & Hallett, Timothy B., 2024. "Do risk, time and prosocial preferences predict risky sexual behaviour of youths in a low-income, high-risk setting?," Journal of Health Economics, Elsevier, vol. 93(C).
    10. Andreas C. Drichoutis & Achilleas Vassilopoulos, 2021. "Intertemporal stability of survey‐based measures of risk and time preferences," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 30(3), pages 655-683, August.
    11. Camila S. Agostino Peter M. E. Claessens & Fuat Balci & Yossi Zana, 2020. "The role of time estimation in decreased impatience in Intertemporal Choice," Papers 2012.10735, arXiv.org.
    12. Lemoine, Derek, 2018. "Age-induced acceleration of time: Implications for intertemporal choice," Journal of Economic Behavior & Organization, Elsevier, vol. 153(C), pages 143-152.
    13. Yutaka Matsushita, 2023. "Timescale standard to discriminate between hyperbolic and exponential discounting and construction of a nonadditive discounting model," Theory and Decision, Springer, vol. 95(1), pages 33-54, July.
    14. Xiu Chen & Xiaojian Zhao, 2021. "How time flies!," Monash Economics Working Papers 2021-09, Monash University, Department of Economics.
    15. W. David Bradford & Meriem Hodge Doucette, 2023. "Effect of a brief intervention on respondents’ subjective perception of time and discount rates," Journal of Risk and Uncertainty, Springer, vol. 66(1), pages 47-75, February.
    16. Hardardottir, Hjördis, 2019. "Many Balls in the Air Make Time Fly: The Effect of Multitasking on Time Perception and Time Preferences," Working Papers 2019:11, Lund University, Department of Economics, revised 17 Sep 2019.
    17. Michael Spackman, 2017. "Social discounting: the SOC/STP divide," GRI Working Papers 182, Grantham Research Institute on Climate Change and the Environment.
    18. Luca Corazzini & Antonio Filippin & Paolo Vanin, 2015. "Economic Behavior under the Influence of Alcohol: An Experiment on Time Preferences, Risk-Taking, and Altruism," PLOS ONE, Public Library of Science, vol. 10(4), pages 1-25, April.

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    Keywords

    Time preferences; Time perception; Hyperbolic discounting; Quasi-hyperbolic discounting;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • D10 - Microeconomics - - Household Behavior - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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