An investigation on domain specific social time preference rates in Singapore
Social discount rates (SDR) is the rate at which society is willing to forgo a unit of current consumption for future consumption. The social time preference rate approach to eliciting SDR has been adopted by many countries. Yet, there is limited research on SDR in Singapore. This paper seeks to add...
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| Format: | Final Year Project (FYP) |
| Language: | English |
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Nanyang Technological University
2020
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10356/139207 |
| _version_ | 1826115516703440896 |
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| author | Chua, Jolene Yi Lin Chong, Sheryl Hui Ping Choy, Marcus Guang Lin |
| author2 | Euston Quah |
| author_facet | Euston Quah Chua, Jolene Yi Lin Chong, Sheryl Hui Ping Choy, Marcus Guang Lin |
| author_sort | Chua, Jolene Yi Lin |
| collection | NTU |
| description | Social discount rates (SDR) is the rate at which society is willing to forgo a unit of current consumption for future consumption. The social time preference rate approach to eliciting SDR has been adopted by many countries. Yet, there is limited research on SDR in Singapore. This paper seeks to address this gap by eliciting social time preference rates (STPR) in Singapore in three domains: environment, health and money by conducting Discrete Choice Experiments with 284 respondents. It is observed that STPR for money is consistently higher than that in the health domain. STPR for the environmental domain could not be obtained due to insignificant estimates. The STPR elicited are as follows: money (2 year: 14.2%, 4 year: 19.1%, 6 year: 18.0%); health (2 year: 9.2%, 4 year: 14.4%, 6 year: 13.4%). Generally, results fall within the range of stated preference STPR elicited in past literature. However, patterns exhibited cannot be explained by conventional discounting models. The initial increase in impatience amongst respondents followed by patience over time demonstrates that Singaporeans may be more attuned towards short term policies and are willing to wait for long term benefits. Personal characteristic and domain specific knowledge, attitude and practices framework (KAP) questions are further interacted with delay and improvements to explore their influence on STPR. |
| first_indexed | 2024-10-01T03:56:27Z |
| format | Final Year Project (FYP) |
| id | ntu-10356/139207 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T03:56:27Z |
| publishDate | 2020 |
| publisher | Nanyang Technological University |
| record_format | dspace |
| spelling | ntu-10356/1392072020-05-18T03:54:48Z An investigation on domain specific social time preference rates in Singapore Chua, Jolene Yi Lin Chong, Sheryl Hui Ping Choy, Marcus Guang Lin Euston Quah School of Social Sciences ecsquahe@ntu.edu.sg Social sciences::Economic theory Social sciences::Economic development::Singapore Social discount rates (SDR) is the rate at which society is willing to forgo a unit of current consumption for future consumption. The social time preference rate approach to eliciting SDR has been adopted by many countries. Yet, there is limited research on SDR in Singapore. This paper seeks to address this gap by eliciting social time preference rates (STPR) in Singapore in three domains: environment, health and money by conducting Discrete Choice Experiments with 284 respondents. It is observed that STPR for money is consistently higher than that in the health domain. STPR for the environmental domain could not be obtained due to insignificant estimates. The STPR elicited are as follows: money (2 year: 14.2%, 4 year: 19.1%, 6 year: 18.0%); health (2 year: 9.2%, 4 year: 14.4%, 6 year: 13.4%). Generally, results fall within the range of stated preference STPR elicited in past literature. However, patterns exhibited cannot be explained by conventional discounting models. The initial increase in impatience amongst respondents followed by patience over time demonstrates that Singaporeans may be more attuned towards short term policies and are willing to wait for long term benefits. Personal characteristic and domain specific knowledge, attitude and practices framework (KAP) questions are further interacted with delay and improvements to explore their influence on STPR. Bachelor of Arts in Economics 2020-05-18T03:54:48Z 2020-05-18T03:54:48Z 2020 Final Year Project (FYP) https://hdl.handle.net/10356/139207 en HE_1AY1920_22 application/pdf Nanyang Technological University |
| spellingShingle | Social sciences::Economic theory Social sciences::Economic development::Singapore Chua, Jolene Yi Lin Chong, Sheryl Hui Ping Choy, Marcus Guang Lin An investigation on domain specific social time preference rates in Singapore |
| title | An investigation on domain specific social time preference rates in Singapore |
| title_full | An investigation on domain specific social time preference rates in Singapore |
| title_fullStr | An investigation on domain specific social time preference rates in Singapore |
| title_full_unstemmed | An investigation on domain specific social time preference rates in Singapore |
| title_short | An investigation on domain specific social time preference rates in Singapore |
| title_sort | investigation on domain specific social time preference rates in singapore |
| topic | Social sciences::Economic theory Social sciences::Economic development::Singapore |
| url | https://hdl.handle.net/10356/139207 |
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