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Measuring Impatience: Elicited Discount Rates and the Barratt Impulsiveness Scale

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  • McLeish, Kendra N
  • Oxoby, Robert J

Abstract

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.

Suggested Citation

  • McLeish, Kendra N & Oxoby, Robert J, 2006. "Measuring Impatience: Elicited Discount Rates and the Barratt Impulsiveness Scale," MPRA Paper 1524, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:1524
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    2. Dickinson, David L. & Oxoby, Robert J., 2011. "Cognitive dissonance, pessimism, and behavioral spillover effects," Journal of Economic Psychology, Elsevier, vol. 32(3), pages 295-306, June.

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    More about this item

    Keywords

    intertemporal choice; impulsiveness; discounting; experiments;
    All these keywords.

    JEL classification:

    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • D9 - Microeconomics - - Micro-Based Behavioral Economics

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