Individual Laboratory-Measured Discount Rates Predict Field Behavior

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Individual Laboratory-Measured Discount Rates Predict Field Behavior

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Title: Individual Laboratory-Measured Discount Rates Predict Field Behavior
Author: Chabris, Christopher F.; Laibson, David I.; Morris, Carrie L.; Schuldt, Jonathon P.; Taubinsky, Dmitry

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Citation: Chabris, Christopher F., David Laibson, Carrie L. Morris, Jonathon P. Schuldt, and Dmitry Taubinsky. 2008. Individual laboratory-measured discount rates predict field behavior. Journal of Risk and Uncertainty 37, no. 2-3: 237-269.
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Abstract: We estimate discount rates of 555 subjects using a laboratory task and find that these individual discount rates predict inter-individual variation in field behaviors (e.g., exercise, BMI, smoking). The correlation between the discount rate and each field behavior is small: none exceeds 0.28 and many are near 0. However, the discount rate has at least as much predictive power as any variable in our dataset (e.g., sex, age, education). The correlation between the discount rate and field behavior rises when field behaviors are aggregated: these correlations range from 0.09–0.38. We present a model that explains why specific intertemporal choice behaviors are only weakly correlated with discount rates, even though discount rates robustly predict aggregates of intertemporal decisions.
Published Version: doi:10.1007/s11166-008-9053-x
Terms of Use: This article is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#OAP
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:11130522
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