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Welcome to the 2017 AFS Annual Meeing, being held this year, in conjunction with FPA in Nashville!
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Monday, October 2 • 4:30pm - 5:30pm
J4b Time Preference Measurement in the Survey of Consumer Finances

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Past research using the SCF to examine intertemporal choice have previously assumed, either implicitly or explicitly, that the planning horizon question was a valid measurement of time preference. To test this assumption, a measurement paper was constructed using the concept of construct validity. A series of factor analyses and OLS regressions were run on theoretically correlated varaibles. The results suggest that the planning horizon variable may only measure an individual’s current time preference based on their current situation. Additional variables should be included to measure an individual’s time preference over the life cycle.

Author(s): Phil Zepp, Stuart J. Heckman, Ph.D., CFP®


Phil Zepp

Ph.D. Student, Kansas State University

Monday October 2, 2017 4:30pm - 5:30pm