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Is time preference different across incomes and countries?

De Lipsis, V; (2021) Is time preference different across incomes and countries? Economics Letters , 201 , Article 109720. 10.1016/j.econlet.2020.109720. Green open access

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Abstract

We offer direct statistical evidence of existing differences in time preference across income classes and countries by estimating and testing an Euler equation for consumption on time series data for six European countries and five income quantiles. We unequivocally reject the hypothesis of homogeneous time preference across countries, whereas heterogeneity across income classes is confirmed to different degrees depending on the country, but with time preference being lowest for the last two quantiles of the income distribution.

Type: Article
Title: Is time preference different across incomes and countries?
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.econlet.2020.109720
Publisher version: https://doi.org/10.1016/j.econlet.2020.109720
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher's terms and conditions.
Keywords: Time preference, Discount rate, Euler equation, GMM testing
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources
URI: https://discovery.ucl.ac.uk/id/eprint/10127645
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