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Association between mindfulness and risk and time preferences

Author

Listed:
  • Sébastien Duchêne

    (Montpellier Business School)

  • Marlène Guillon

    (Université de Montpellier, Montpellier Recherche en Economie)

  • Ismaël Rafaï

    (Aix-Marseille Université, CNRS, AMSE
    CEE-M, Univ Montpellier, CNRS, INRAE, Institut Agro)

Abstract

Many studies have investigated the role of socio-demographic factors (including gender, age, race), cognitive ability and cultural factors on time and risk preferences. Yet, research regarding the effect of mindfulness on risk and time preferences has been limited. This study investigates the association between mindfulness and time/risk preferences. We conducted a survey on a representative sample of the French adult population (N = 1154) in Spring 2020. We assessed individual mindfulness through the Mindful Attention Awareness Scale (MAAS), and measured time and risk preferences with incentive-compatible economic games as well as self-reported questionnaires. Our results suggest that a higher level of mindfulness is associated with higher risk aversion and patience for stated preferences, but we found no relationship for revealed ones. We also observe that a higher level of mindfulness is related to greater time consistency, as we found a negative and significant association between the MAAS and the present and future biases.

Suggested Citation

  • Sébastien Duchêne & Marlène Guillon & Ismaël Rafaï, 2024. "Association between mindfulness and risk and time preferences," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 10(2), pages 199-212, December.
    • Handle: RePEc:spr:jesaex:v:10:y:2024:i:2:d:10.1007_s40881-024-00169-3
    DOI: 10.1007/s40881-024-00169-3
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    More about this item

    Keywords

    Mindfulness; Risk preferences; Time preferences; Revealed preferences; Stated preferences;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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