Discussion Papers, Department of Business and Management Science, Norwegian School of Economics (NHH)
How Time Preferences Differ: Evidence from 45 Countries
(), Marc Oliver Rieger
() and Thorsten Hens
Abstract: We present results from the first large-scale
international survey on time discounting, conducted in 45 countries.
Cross-country variation cannot simply be explained by economic variables
such as interest rates or in ation. In particular, we find strong evidence
for cultural differences, as measured by the Hofstede cultural dimensions.
For example, high levels of Uncertainty Avoidance or Individualism are both
associated with strong hyperbolic discounting. Moreover, as application of
our data, we find evidence for an impact of time preferences on the
capability of technological innovations in a country and on environmental
Keywords: Time preferences; Intertemporal decision; Endogenous preference; Cross-cultural comparison; (follow links to similar papers)
JEL-Codes: D90; F40; (follow links to similar papers)
55 pages, October 31, 2011
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