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Discount Factor in High School Students :

An Experimental Approach

NAKAMURA Katsuyuki

Abstracts

In many studies of behavioral and experimental economics, measuring discount factor (or time preference rate) is based on the concept of discounted present value. However, this can be measured also through the optimal condition derived from intertemporal utility maximization problem of a representative household (i.e. Euler equation). In this paper, we conducted a survey to high school students (n=523), discount factor is measured using the Euler equation and the answer to consumption allocations. As a result, an increase in discount factor can be observed in the 60s in high school students. It means that the claim of behavioral and experimental economics, so called hyperbolic discounting, does not work for this result. And, we show that the magnitude effect is not observed from our samples. We will also measure discount factor by dividing in various categories (prefecture, grade, and gender).