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Title: Does Time Preference Change with Age?
Resulting in 1 citation.
1. Bishai, David M.
Does Time Preference Change with Age?
Journal of Population Economics 17,4 (December 2004): 583-602.
Cohort(s): NLSY79
Publisher: Springer
Keyword(s): Age and Ageing; Educational Attainment; I.Q.; Intergenerational Patterns/Transmission; Labor Force Participation; Labor Supply; Life Course; Racial Differences; Schooling; Time Preference

Permission to reprint the abstract has not been received from the publisher.

This study looks at compensating differentials in the National Longitudinal Survey of Youth (NLSY) to derive estimates of the levels of time preference for labor force participants in each of 15 waves of data from 1979 to 1994. With these estimates the evolution of time preference over the life course is described. Future utility among labor force participants appears to be valued more highly by subjects who are older, more schooled, white, or male. Controlling for schooling level, a higher IQ is associated with a preference for more immediate rewards. If social rates of time preference are correlated with individual rates of time preference then population aging could create intergenerational asymmetries in the social rate of time preference. This phenomenon could make the optimal investments of young populations appear selfish to future generations that are older. [ABSTRACT FROM AUTHOR]
Bibliography Citation
Bishai, David M. "Does Time Preference Change with Age?" Journal of Population Economics 17,4 (December 2004): 583-602.