Estimating Time Preferences from Budget Set Choices Using Optimal Adaptive Design

Imai, Taisuke and Camerer, Colin F. (4. September 2018): Estimating Time Preferences from Budget Set Choices Using Optimal Adaptive Design.

Abstract

We describe and apply a method for choosing an informationally-optimal sequence of questions in experiments, using subjects' responses to previous questions. The method is applied to Convex Time Budget experiments, in which subjects choose allocation of monetary rewards at sooner and later dates, to elicit time preference parameters. Ground truth" simulation exercises create artificial choice data based on known parameters and then applies the method

• Item Type: Paper
• Faculties: Economics > Chairs > Seminar for Economic Theory
• Subjects: 300 Social sciences > 330 Economics
• JEL Classification: C90, C52, D90
• Language: English