Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/278627 
Year of Publication: 
2023
Series/Report no.: 
Working Papers in Economics and Statistics No. 2023-12
Publisher: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Abstract: 
We study the association of the perseverance-of-effort (PoE) and the consistency-of-interests (CoI) components of the psychological measure of grit, with economic measures of impatience and decreasing impatience (time inconsistency), respectively, in the general population. We find that impatience is associated with grit through the PoE component. No association of time inconsistency with grit is found. Predicting participants' financial and health outcomes and behaviors, we find that both impatience and grit are predictive for both outcomes, but this is not the case for time inconsistency. Our findings suggest that it can be beneficial for empirical studies of intertemporal decisions to include both economic impatience and psychological grit measures.
Subjects: 
Time preferences
time inconsistency
decreasing impatience
Grit
household finance
health
JEL: 
D15
G51
I10
Document Type: 
Working Paper

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