Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/296873 
Year of Publication: 
2024
Series/Report no.: 
ISER Discussion Paper No. 1230
Publisher: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Abstract: 
Previous research consistently identified differences in time preferences between effort and monetary decisions. However, the root cause of this difference- whether it stemmed from the intrinsic nature of the outcomes or the associated pleasurable or unpleasurable experiences-remained undefined. In response, we devised a novel two-stage experiment employing a 2 × 2 design contrasting outcomes (money and effort) and domains (pleasant and unpleasant). This approach allowed for the incentivization of all decisions, including those involving future monetary losses. Our study reveals sign-dependent preferences, showing varying degrees of impatience across pleasant or unpleasant experiences in monetary or effort-related choices. We also observed outcome-dependent preferences, particularly highlighting a higher level of impatience in unpleasant monetary choices compared with their effort-based counterparts. However, the degree of present bias did not differ across the four conditions.
Subjects: 
time preferences
losses
incentivized experiment
JEL: 
C91
D91
Document Type: 
Working Paper

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