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Can “living in the present” be a bad thing?

Eric Barker
August 23, 2011

Some individuals borrow extensively on their credit cards. This paper tests whether present biased time preferences correlate with credit card borrowing. In a field study, we elicit individual time preferences with incentivized choice experiments, and match resulting time preference measures to individual credit reports and annual tax returns. The results indicate that present-biased individuals are more likely to have credit card debt, and have significantly higher amounts of credit card debt, controlling for disposable income, other sociodemographics, and credit constraints.

Source: “Present-Biased Preferences and Credit Card Borrowing” from IZA Discussion Paper No. 4198, May 2009 

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Post Information
Title Can “living in the present” be a bad thing?
Author Eric Barker
Date August 23, 2011 5:54 PM UTC (12 years ago)
Blog bakadesuyo
Archive Link https://theredarchive.com/blog/bakadesuyo/can-living-in-the-present-be-a-bad-thing.15378
https://theredarchive.com/blog/15378
Original Link https://www.bakadesuyo.com/2011/08/can-living-in-the-present-be-a-bad-thing/
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