Universal time preference.
Time preferences are central to human decision making; therefore, a thorough understanding of their international differences is highly relevant. Previous measurements, however, vary widely in their methodology, from questions answered on the Likert scale to lottery-type questions. We show that thes...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Public Library of Science (PLoS)
2021-01-01
|
| Series: | PLoS ONE |
| Online Access: | https://doi.org/10.1371/journal.pone.0245692 |
| _version_ | 1818740685055983616 |
|---|---|
| author | Marc Oliver Rieger Mei Wang Thorsten Hens |
| author_facet | Marc Oliver Rieger Mei Wang Thorsten Hens |
| author_sort | Marc Oliver Rieger |
| collection | DOAJ |
| description | Time preferences are central to human decision making; therefore, a thorough understanding of their international differences is highly relevant. Previous measurements, however, vary widely in their methodology, from questions answered on the Likert scale to lottery-type questions. We show that these different measurements correlate to a large degree and that they have a common factor that can predict a broad spectrum of variables: the countries' credit ratings, gasoline prices (as a proxy for environmental protection), equity risk premiums, and average years of school attendance. The resulting data on this time preference factor for N = 117 countries and regions will be highly useful for further research. Our aggregation method is applicable to merge cross-cultural studies that measure the same latent construct with different methodologies. |
| first_indexed | 2024-12-18T01:44:39Z |
| format | Article |
| id | doaj.art-c81cae7086394389a350e767b464ab8e |
| institution | Directory Open Access Journal |
| issn | 1932-6203 |
| language | English |
| last_indexed | 2024-12-18T01:44:39Z |
| publishDate | 2021-01-01 |
| publisher | Public Library of Science (PLoS) |
| record_format | Article |
| series | PLoS ONE |
| spelling | doaj.art-c81cae7086394389a350e767b464ab8e2022-12-21T21:25:14ZengPublic Library of Science (PLoS)PLoS ONE1932-62032021-01-01162e024569210.1371/journal.pone.0245692Universal time preference.Marc Oliver RiegerMei WangThorsten HensTime preferences are central to human decision making; therefore, a thorough understanding of their international differences is highly relevant. Previous measurements, however, vary widely in their methodology, from questions answered on the Likert scale to lottery-type questions. We show that these different measurements correlate to a large degree and that they have a common factor that can predict a broad spectrum of variables: the countries' credit ratings, gasoline prices (as a proxy for environmental protection), equity risk premiums, and average years of school attendance. The resulting data on this time preference factor for N = 117 countries and regions will be highly useful for further research. Our aggregation method is applicable to merge cross-cultural studies that measure the same latent construct with different methodologies.https://doi.org/10.1371/journal.pone.0245692 |
| spellingShingle | Marc Oliver Rieger Mei Wang Thorsten Hens Universal time preference. PLoS ONE |
| title | Universal time preference. |
| title_full | Universal time preference. |
| title_fullStr | Universal time preference. |
| title_full_unstemmed | Universal time preference. |
| title_short | Universal time preference. |
| title_sort | universal time preference |
| url | https://doi.org/10.1371/journal.pone.0245692 |
| work_keys_str_mv | AT marcoliverrieger universaltimepreference AT meiwang universaltimepreference AT thorstenhens universaltimepreference |