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Eliciting Individual Discount Rates in Thailand: A Tale of Two Cities

Author

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  • Nuttaporn Rochanahastin
  • Shinawat Horayangkura

Abstract

This paper aims to elicit individual discount rates in Thailand using real monetary incentives in the lab-in-the-field setting. We investigate the differences in the discount rates between two different districts with different socioeconomic characteristics. One represents rural agricultural society while another represents an urban industrialised society. We also compare the results between different elicitation methods. The paper provides two main insights. First, the elicited discount rates are significantly different between the two districts. Second, the discount rates also vary across time-horizon suggesting different risk consideration with respect to the time horizon. We also address an intertemporal experimental design issue that results should be indifferent between elicitation methods and find procedural invariant between the choice and matching tasks.

Suggested Citation

  • Nuttaporn Rochanahastin & Shinawat Horayangkura, 2020. "Eliciting Individual Discount Rates in Thailand: A Tale of Two Cities," PIER Discussion Papers 145, Puey Ungphakorn Institute for Economic Research.
    • Handle: RePEc:pui:dpaper:145
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    More about this item

    Keywords

    Discount rate; Intertemporal decision making; Time preference; Lab-in-the-field Experiment;
    All these keywords.

    JEL classification:

    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving

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