Visual convex time preferences Lab, field and high schools

Abstract

We introduce the Visual Convex Time Preferences (VCTP) task, a newtool for measuring time preferences that synthesizes the simplicity of Multiple Price List (MPL) and the precision of Convex Time Budget (CTB) tasks. We evaluate VCTP in three environments: lab, field and highschool. The lab experiment suggests that VCTP improves the precision of time preferences without increasing task time or decreasing subject consistency. The field experiment partially replicates the results, since subjects make little use of the additional precision. The high school ex-periment shows that younger populations find it difficult to perform boththe MPL and the VCTP, but older teenagers use the advantage of VCTP at no cost. Overall, the results indicate that the task successfully measures time preferences but should be adapted to specific populations.

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