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Measuring Impatience: Elicited Discount Rates and the Barratt Impulsiveness Scale

By Kendra N McLeish and Robert J Oxoby

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.

Topics: C9 - Design of Experiments, D9 - Intertemporal Choice and Growth
Year: 2006
DOI identifier: 10.1016/j.paid.2007.01.002
OAI identifier: oai:mpra.ub.uni-muenchen.de:1524

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