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Economics training and hyperbolic discounting: training versus selection effects

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  • Julia Paxton

Abstract

This paper contributes to the literature on the effects of economics training on behavior by examining the link between hyperbolic discounting and the number of economics classes taken by a sample of 1310 college graduates at Ohio University. A strong negative correlation is found between economics training and hyperbolic discounting behavior. Regression analysis shows that dynamic consistency is a determinant of taking economics classes. Once the endogeneity of these variables is accounted for, economics training is no longer a statistically significant determinant of hyperbolic discounting. Thus, the selection effect of studying economics outweighs the training effect. Behavioral variables are found to be more important in explaining hyperbolic discounting than demographic variables. The study suggests the importance of controlling for both the selection effect and the training effect for all studies that examine the role of economic training on behavior.

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  • Julia Paxton, 2019. "Economics training and hyperbolic discounting: training versus selection effects," Applied Economics, Taylor & Francis Journals, vol. 51(55), pages 5891-5899, November.
    • Handle: RePEc:taf:applec:v:51:y:2019:i:55:p:5891-5899
    DOI: 10.1080/00036846.2019.1631439
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    Cited by:

    1. Ana Batlles-delaFuente & Luis Jesús Belmonte-Ureña & José Antonio Plaza-Úbeda & Emilio Abad-Segura, 2021. "Sustainable Business Model in the Product-Service System: Analysis of Global Research and Associated EU Legislation," IJERPH, MDPI, vol. 18(19), pages 1-33, September.

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