Paid and hypothetical time preferences are the same: lab, field and online evidence

Brañas–Garza, Pablo; Jorrat, Diego; Espín, Antonio M.; Sánchez, Ángel Martínez

doi:10.1007/s10683-022-09776-5

Cited by 40 publications

(16 citation statements)

References 74 publications

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“…Besides, we did not find an adverse effect of hypothetical incentives on consistency. This conclusion is in line with the evidence found in lab and field experiments with adult population in Brañas-Garza et al (2021), Brañas-Garza et al (2022a. Overall, we showed that the use of real incentives on experiments with teenagers is not needed to collect better data.…”

Section: Discussionsupporting

confidence: 90%

The adventure of running experiments with teenagers

Alfonso-Costillo¹,

Brañas–Garza²,

Jorrat³

et al. 2022

Preprint

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Economists are increasingly interested in how to conduct experiments with teenagers. This paper evaluates whether different methodological factors impact the answers of teenagers to standard experimental tasks on measuring time preferences, risk preferences, cognitive abilitiesand financial abilities, among others. Results show: i) the recruitment process matters depending on whether the school includes the experiment as an institutional activity or the teachers led the process particularly for their class; the dropout rate reduced significantly from the first to the third experimental wave, when the school was responsible for organizing the experiment; ii) hypothetical payments elicits similar results than monetary payments; iii)adding visual elements to the experiment’s interface improves the quality of answers; and iv) the type of electronic device on which subjects answer the tasks does not influence results, while administrating the experiment by school teachers does affect the answers. We concludeby giving three suggestions to researchers interested in conducting experiments with teenagers: first, run the experiment as a school-programmed activity; second, it is not necessary the use of real payments which increases the cost and complicates the recruitment; and third, integratevisual components to the task.

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Section: Discussionsupporting

confidence: 90%

The adventure of running experiments with teenagers

Alfonso-Costillo¹,

Brañas–Garza²,

Jorrat³

et al. 2022

Preprint

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show abstract

“…5 5 While this applies to judgment biases, these effects of incentivization do not seem to be evident in decision tendencies such as risk aversion (Brañas‐Garza et al, 2021; Holt & Laury, 2002) and delay discounting (Brañas‐Garza et al, 2020). …”

mentioning

confidence: 99%

Revisiting the effect of incentivization on cognitive reflection: A meta‐analysis

Yechiam

Zeif

2022

Behavioral Decision Making

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“…(2018) is “Would you rather receive 100 Euro today or 153.8 Euro in 12 months?” 11 Both the SBC and the Falk et al. (2018) measures use hypothetical incentives, and concerning time preference, research does not find systematic differences between measures using real and hypothetical monetary rewards (see, e.g., Matusiewicz et al., 2013; Brañas‐Garza et al., 2020).…”

Section: Datamentioning

confidence: 99%

“…Despite being asked over 60 years ago, the question is remarkably similar to contemporary time preference questions. 2018) measures use hypothetical incentives, and concerning time preference, research does not find systematic differences between measures using real and hypothetical monetary rewards (see, e.g., Matusiewicz et al, 2013;Brañas-Garza et al, 2020).…”

Section: Time Preferencesmentioning

confidence: 99%

The highly educated live longer: The role of time preference, cognitive ability, and educational plans

Norrgren

2023

Health Economics

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Using Swedish data on a cohort born in 1953, interviewed in 1966 (age 13), and followed with register data until 2018 (age 65), this study shows that one more year of schooling predicts a 17% lower risk of early mortality. Addressing concerns of potential selection bias, the mortality inequality by educational attainment persists when extensive controls are included in the regression. Adding information on background health, gender, socioeconomic variables, as well as adolescents' early educational plans, cognitive ability, and time preferences, only result in a 2‐percentage point change in the mortality risk by years of education. Even when adolescents' applications to upper‐secondary school and years 6 and 9 grades are controlled for, completion of upper‐secondary and university education remain strong predictors of future health. Yet, the study also finds that the measure of future health matters for the stability of the results.

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Paid and hypothetical time preferences are the same: lab, field and online evidence

Cited by 40 publications

References 74 publications

The adventure of running experiments with teenagers

The adventure of running experiments with teenagers

Revisiting the effect of incentivization on cognitive reflection: A meta‐analysis

The highly educated live longer: The role of time preference, cognitive ability, and educational plans

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