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Individual discount rates: a meta-analysis of experimental evidence
Experimental Economics ( IF 1.7 ) Pub Date : 2021-05-06 , DOI: 10.1007/s10683-021-09716-9
Jindrich Matousek , Tomas Havranek , Zuzana Irsova

A key parameter estimated by lab and field experiments in economics is the individual discount rate—and the results vary widely. We examine the extent to which this variance can be attributed to observable differences in methods, subject pools, and potential publication bias. To address the model uncertainty inherent to such an exercise we employ Bayesian and frequentist model averaging. We obtain evidence consistent with publication bias against unintuitive results. The corrected mean annual discount rate is 0.33. Our findings also suggest that discount rates are independent across domains: people tend to be less patient when health is at stake compared to money. Negative framing is associated with more patience. Finally, the results of lab and field experiments differ systematically, and it also matters whether the experiment relies on students or uses broader samples of the population.



中文翻译:

个人贴现率:对实验证据的荟萃分析

经济学中实验室和现场实验估计的一个关键参数是个人贴现率,结果差异很大。我们研究了这种差异可归因于方法,主题库和潜在出版偏见的程度。为了解决这种练习固有的模型不确定性,我们采用贝叶斯和常客模型平均。我们获得的证据与出版物对非直觉结果的偏见相一致。校正后的平均年贴现率为0.33。我们的发现还表明,折现率在各个领域都是独立的:与金钱相比,当健康受到威胁时,人们的耐心程度往往会降低。负构图与更多的耐心有关。最后,实验室和现场实验的结果在系统上有所不同,

更新日期:2021-05-06
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