University of Chicago
Institutional Affiliation: University of Chicago
NBER Working Papers and Publications
|February 2019||Toward an Understanding of the Development of Time Preferences: Evidence from Field Experiments|
with James Andreoni, Michael A. Kuhn, John A. List, Anya Samek, Charles Sprenger: w25590
Time preferences have been correlated with a range of life outcomes, yet little is known about their early development. We conduct a field experiment to elicit time preferences of over 1,200 children ages 3-12, who make several intertemporal decisions. To shed light on how such primitives form, we explore various channels that might affect time preferences, from background characteristics to the causal impact of an early schooling program that we developed and operated. Our results suggest that time preferences evolve substantially during this period, with younger children displaying more impatience than older children. We also find a strong association with race: black children, relative to white or Hispanic children, are more impatient. Finally, assignment to different schooling opportun...