Quotation Krcal, Ondrej, Peer, Stefanie, Stanek, Rostislav. 2021. Can time-inconsistent preferences explain hypothetical biases? Economics of Transportation. 25


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Abstract

We investigate whether the value of time (VOT) depends on when the corresponding preferences are measured: in advance, just before, or after the time period for which the time preferences are being evaluated. We find that the VOT is highest when elicited just before the time period. This is an indication of the VOT being affected by time-inconsistent, and more specifically, present-biased preferences. We argue that this result may explain why time valuations based on stated preference (SP) data are typically found to be lower than those based on revealed preference (RP) data: most RP surveys evaluate the preferences of respondents close to the time period for which the preferences are being measured, whereas the time instances for which preferences are evaluated in SP surveys tend to be more abstract, or referencing past or future time periods.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Economics of Transportation
Citation Index SSCI
WU-Journal-Rating new FIN-A, VW-C
Language English
Title Can time-inconsistent preferences explain hypothetical biases?
Volume 25
Year 2021
Reviewed? Y
URL https://www.sciencedirect.com/science/article/pii/S2212012221000125?via%3Dihub
DOI https://doi.org/10.1016/j.ecotra.2021.100207
Open Access N

Associations

People
Peer, Stefanie (Details)
External
Krcal, Ondrej (Masaryk University Brno, Czech Republic)
Stanek, Rostislav (Masaryk University Brno, Czech Republic)
Organization
Institute for Multi-Level Governance and Development IN (Details)
Research Institute for Spatial and Real Estate Economics FI (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
5300 Economics (Details)
5332 Transport economics (Details)
5351 Public economy (Details)
5915 Economic geography (Details)
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