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Journal articles on the topic 'Intertemporal relationship'

Author: Grafiati
Published: 18 May 2024

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1

Li, Hongxia, and Guoquan Chen. "Benevolence–dependability value and intertemporal choice: Moderating effect of perceived socioeconomic status." Social Behavior and Personality: an international journal 46, no. 9 (September 7, 2018): 1573–83. http://dx.doi.org/10.2224/sbp.6826.

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We recruited 118 university student participants from Beijing to examine how the benevolence–dependability value affects intertemporal choice and how perceived socioeconomic status moderates this relationship. The results showed that participants' benevolence–dependability value positively predicted their intertemporal choice, and that perceived socioeconomic status moderated this relationship. Further, the benevolence–dependability value of individuals of higher perceived socioeconomic status did not have a significant effect on intertemporal choice. In contrast, the benevolence–dependability value of those of lower perceived socioeconomic status significantly affected their intertemporal choice. These findings suggest that individuals with the benevolence–dependability value make long-term decisions. Theoretical implications for the development of long-term benefits and practical implications for the planning of effective training for business are discussed.
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Cheng, Jiuqing. "THE ROLE OF NUMERACY AND IMPULSIVITY IN INTERTEMPORAL CHOICE AND DECISION MAKING." Psychological Thought 13, no. 1 (April 30, 2020): 254–72. http://dx.doi.org/10.37708/psyct.v13i1.442.

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A growing body of research has indicated a relationship between numeracy and decision making and that lower numerate people display more disadvantageous decisions. In the domain of intertemporal choice, researchers have long been using impulsivity to address choice preference. To further illuminate the psychological mechanisms of making intertemporal choices, the present study examined the role of impulsivity and numeracy in intertemporal choice, in the presence of each other. The study adopted both subjective and numeracy scales. These scales correlated with each other and with intertemporal choice preference. Moreover, it was found that after controlling for impulsivity, the object numeracy was significantly associated with choice preference, with higher numerate participants showing a stronger preference toward the later larger gains over the sooner smaller gains. Thus, the study indicated that intertemporal choice preference could be attributed to both impulsivity and numeracy.
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3

Wang, Yue, Xiaoyu Wang, Xiao Yang, Fangyuan Yuan, and Ying Li. "View of Times and Temporal Focus under the Pace of Life on the Impact of Intertemporal Decision Making." International Journal of Environmental Research and Public Health 20, no. 5 (February 28, 2023): 4301. http://dx.doi.org/10.3390/ijerph20054301.

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Previous studies have explored the effects of time poverty and money worship on intertemporal decision making based on a resource scarcity perspective. However, how the pace of life affects intertemporal decision making has not been examined. Furthermore, manipulating time perceptions can influence intertemporal decision-making preferences. Based on the perspective of time perception differences, it remains unknown how views of time or temporal focus affect the intertemporal decision making of individuals with different pace of life. To address these issues, study 1 adopted a correlational study to initially explore the relationship between the pace of life and intertemporal decision making. Studies 2 and 3 used manipulation experiments to examine the effects of the pace of life and view of time and temporal focus and pace of life on intertemporal decision making. The results suggest that the faster the life pace, the more recent rewards are preferred. Views of time and temporal focus manipulations can influence the intertemporal decision making of faster-paced individuals, making them prefer smaller–sooner (SS) payoffs under a linear view of time or future temporal focus and larger–later (LL) payoffs under a circular view of time or past temporal focus. However, the manipulation does not affect the intertemporal decision of slower-paced individuals. Our study examined the effect of the pace of life on intertemporal decision making based on a resource scarcity perspective, and found boundary conditions for the influence of the view of time and temporal focus on intertemporal decision making based on the perspective of differences in people’s perception of time.
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Domowitz, Ian, R. Glenn Hubbard, and Bruce C. Petersen. "The Intertemporal Stability of the Concentration-Margins Relationship." Journal of Industrial Economics 35, no. 1 (September 1986): 13. http://dx.doi.org/10.2307/2098604.

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5

Yang, Boru, Chenglei Xu, Hongxun Zhang, and Yan Feng. "Dynamic Fusion Simulation Method of Intertemporal Decision Preferences of Large Groups in Weak Relationships." Mathematical Problems in Engineering 2022 (March 17, 2022): 1–15. http://dx.doi.org/10.1155/2022/6323550.

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The fusion of large group decision-making preferences is generally based on hard constraints, and the general low-consensus heterogeneous preference interaction situation of weak relationship decision-making under soft constraints has not been investigated. This study puts forward the preference connotation structure and preference attributes of the intertemporal decision-making of weak relationships groups, objective preference comparison standards between individuals, preference interaction neighborhoods between individuals, preference learning adjustment rules, and preference cycle interaction result evaluation connotations. On this basis, this research constructs a multistage and multiple-round intertemporal decision-making preference dynamic fusion theory and a method for weak relationship large groups. The simulation results verify and support the constructed preference fusion theory and method, indicating that a relatively rational interactive learning and adjustment process can improve the group decision-making performance of the key digital technology R&D team for offshore wind power project construction, operation, and maintenance and effectively improve the convergence level, convergence time, comprehensive decision-making benefits, and decision-making cognition. In the increasingly open large group intertemporal decision-making situation, these research viewpoints and conclusions will help to expand the strong relationship hypotheses of preference fusion in previous group decision-making research. The research opinions and conclusions supplement the theory and method of preference interaction fusion under soft constraints in large group decision-making.
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6

Chiang, Thomas C., Huimin Li, and Dazhi Zheng. "The intertemporal risk-return relationship: Evidence from international markets." Journal of International Financial Markets, Institutions and Money 39 (November 2015): 156–80. http://dx.doi.org/10.1016/j.intfin.2015.06.003.

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7

班, 琦. "The Relationship between Future Time Perspective and Intertemporal Choice." Advances in Psychology 09, no. 02 (2019): 395–403. http://dx.doi.org/10.12677/ap.2019.92048.

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8

He, Miao, Guibing He, Jiaxin Chen, and Yuan Wang. "Sense of control matters: A long spatial distance leads to a short-term investment preference." Judgment and Decision Making 14, no. 3 (May 2019): 299–308. http://dx.doi.org/10.1017/s1930297500004344.

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AbstractIncreasingly, we can invest in projects that are distributed around the world through online investment platforms. Will the spatial distance between these projects and ourselves affect our investment preferences? The present research aims to experimentally examine the impact of spatial distance on intertemporal preferences for investment returns and to explore the underlying mediating effect of the sense of control. Three studies were devised to address this topic. Studies 1 and 2 used two methods to manipulate the spatial distance between the location of investment projects and the location of investors. Participants were more impatient with investment returns when the investment project was located farther away. In other words, they preferred lower but earlier returns in intertemporal choice. Moreover, participants’ sense of control over the investment project mediated the relationship between spatial distance and intertemporal preferences. Using a priming method, Study 3 showed that participants’ impatience for investment returns in investments with different spatial distances could be remedied by giving them generalized control. Theoretical implications for studies regarding psychological distance and intertemporal decision making and practical implications for investments are discussed.
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9

Saltari, Enrico, and Davide Ticchi. "Risk aversion, intertemporal substitution, and the aggregate investment–uncertainty relationship." Journal of Monetary Economics 54, no. 3 (April 2007): 622–48. http://dx.doi.org/10.1016/j.jmoneco.2006.01.002.

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10

姚, 维鑫. "A Review of the Relationship between Individual Reputation and Intertemporal Choice." Advances in Psychology 11, no. 03 (2021): 801–7. http://dx.doi.org/10.12677/ap.2021.113092.

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11

Dean, Warren G., and Robert W. Faff. "The intertemporal relationship between market return and variance: an Australian perspective." Accounting & Finance 41, no. 3 (November 2001): 169–96. http://dx.doi.org/10.1111/1467-629x.00058.

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12

Ma, Boyang, and Yong Zhang. "Precrastination and Time Perspective: Evidence from Intertemporal Decision-Making." Behavioral Sciences 13, no. 8 (July 28, 2023): 631. http://dx.doi.org/10.3390/bs13080631.

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Although procrastination has been extensively studied, precrastination remains an unsolved puzzle. Precrastination is the tendency to start tasks as soon as possible, even at the cost of extra effort. Using the near bucket paradigm with 81 undergraduate students, this study examined the relationship between precrastination and time perspective, proactive personality, and subjects’ differential performance in intertemporal decision-making. The results confirmed the cognitive-load-reduction (CLEAR) hypothesis. Precrastination was found to be positively predicted by the future time dimension of time perspective and negatively predicted by proactive personality. In addition, there is a significant positive correlation between precrastination and delay discounting of intertemporal decision-making, which exists only for the loss situation.
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13

Flynn, Joel P., Lawrence D. W. Schmidt, and Alexis Akira Toda. "Robust comparative statics for the elasticity of intertemporal substitution." Theoretical Economics 18, no. 1 (2023): 231–65. http://dx.doi.org/10.3982/te4117.

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We study a general class of consumption–savings problems with recursive preferences. We characterize the sign of the consumption response to arbitrary shocks in terms of the product of two sufficient statistics: the elasticity of intertemporal substitution (EIS) between contemporaneous consumption and continuation utility, and the relative elasticity of the marginal value of wealth (REMV). Under homotheticity, the REMV always equals 1, so the propensity of the agent to save or “dis‐save” is always signed by the relationship of the EIS with unity. We apply our results to derive comparative statics in classical problems of portfolio allocation, consumption–savings with income risk, and entrepreneurial investment. Our results suggest empirical identification strategies for both the value of the EIS and its relationship with unity.
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14

Choi, Ji-Hoon, Sung-won Jung, and Yang-Tae Kim. "Relationship between Intertemporal Choice and Smartphone Use in Nursing Student in 20s." Korean Academy of Addiction Psychiatry 24, no. 1 (April 30, 2020): 29–36. http://dx.doi.org/10.37122/kaap.2020.24.1.29.

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15

Upsher, S., and E. vd M. Smit. "The Intertemporal Relationship Between Return and Risk: Some Recent South African Evidence." Studies in Economics and Econometrics 18, no. 2 (July 31, 1994): 55–81. http://dx.doi.org/10.1080/03796205.1994.12129059.

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16

Girard, E. "Intertemporal risk–return relationship in the Asian markets around the Asian crisis." Financial Services Review 10, no. 1-4 (2001): 249–72. http://dx.doi.org/10.1016/s1057-0810(02)00094-x.

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17

Fagerstrøm, Asle, Dag Aksnes, and Erik Arntzen. "An Experimental Study of Intertemporal Choices: The Case of Customer Relationship Management." Managerial and Decision Economics 37, no. 4-5 (May 18, 2015): 324–30. http://dx.doi.org/10.1002/mde.2719.

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18

Shastri, Shruti, A. K. Giri, and Geetilaxmi Mohapatra. "An empirical assessment of current accounts sustainability for major South Asian economies." South Asian Journal of Business Studies 7, no. 2 (June 4, 2018): 172–88. http://dx.doi.org/10.1108/sajbs-05-2017-0064.

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Purpose The purpose of this paper is to assess the sustainability of current accounts for five major South Asian economies, namely, India, Pakistan, Bangladesh, Sri Lanka and Nepal, for the period 1985–2016. Design/methodology/approach The study employs the intertemporal solvency model of Hakkio and Rush (1991) and Husted (1992). Autoregressive Distributed Lag bounds test, Gregory and Hansen’s test and Carrion-i-Silvestre and Sanso’s test are used to assess the cointegration between current account inflows and outflows. The coefficients of long-run relationship are obtained using dynamic ordinary least squares. Besides the econometric investigation, the study also examines some other indicators such as the composition of current account, size of external debt, etc., to shed further light on the sustainability of current accounts. Findings The study finds support for the long-run relationship between the current account outflows and inflows for all the countries. The estimates of slope coefficient indicate strong sustainability in case of India, Bangladesh and Nepal, whereas weak sustainability holds for Sri Lanka and Pakistan underscoring the need for policy interventions. In a comparative perspective, the current accounts in India, Nepal and Bangladesh conform more to a sustainable behavior in terms of the size of deficits, external debt stock and compliance to the intertemporal budget constraint. Originality/value The study employs econometric techniques allowing for structural breaks in the assessment of current account sustainability. Besides using the intertemporal model, the study also examines factors such as composition of current accounts, size of external debts, etc., to evaluate sustainability.
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19

Belbute, José M., and Alfredo M. Pereira. "The Relationship between Consumption and CO2 Emissions: Evidence for Portugal." Sustainability 13, no. 21 (November 3, 2021): 12153. http://dx.doi.org/10.3390/su132112153.

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This paper establishes an empirical relationship between CO2 emissions from burning fossil fuels and household consumption of nondurable goods and services. Using a typical life cycle-permanent income hypothesis framework, we reject the hypothesis that inclusion of CO2 emissions in the consumption function is not supported by the data. Furthermore, our results suggest the existence of a distaste effect or negative state dependence effect. This result has important policy implications as it suggests that decarbonizing the economy would ultimately stimulate household consumption. Our results also have implications for both the cyclical behavior and the smoothing process of consumption, which depend on the branch of the environmental Kuznets curve that the country is on as well as on the prevalence of intertemporal dependent preferences.
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20

Singh, Amanjot, and Manjit Singh. "Intertemporal risk-return relationship in BRIC equity markets after the US financial crisis." International Journal of Law and Management 59, no. 4 (July 10, 2017): 547–70. http://dx.doi.org/10.1108/ijlma-12-2015-0065.

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PurposeThis paper aims to attempt to capture the intertemporal/time-varying risk–return relationship in the Brazil, Russia, India and China (BRIC) equity markets after the global financial crisis (2007-2009), i.e. during a relative calm period. There has been a significant increase in advanced economies’ equity allocations to the emerging markets ever since the financial crisis. So, the present study is an attempt to account for the said relationship, thereby justifying investments made by the international investors. MethodologyThe study uses non-linear models comprising asymmetric component generalised autoregressive conditional heteroskedastic model in mean (CGARCH-M) (1,1) model, generalised impulse response functions under vector autoregressive framework and Markov regime switching in mean and standard deviation model. The span of data ranges from 1 July 2009 to 31 December 2014. FindingsThe ACGARCH-M (1,1) model reports a positive and significant risk-return relationship in the Russian and Chinese equity markets only. There is leverage and volatility feedback effect in the Russian market because falling returns further increase conditional variance making the investors to expect a risk premium in the expected returns. The impulse responses indicate that for all of the BRIC markets, the ex-ante returns respond positively to a shock in the long-term risk component, whereas the response is negative to a shock in the short-term risk component. Finally, the Markov regime switching model confirms the existence of two regimes in all of the BRIC markets, namely, Bull and Bear regimes. Both the regimes exhibit negative relationship between risk and return. Practical implicationsIt is an imperative task to comprehend the relationship shared between risk and returns for an investor. The investors in the emerging economies should understand the risk-return dynamics well ahead of time so that the returns justify the investments made under riskier environment. Originality/valueThe present study contributes to the literature in three senses. First, the data relate to a period especially after the global financial crisis (2007-2009). Second, the study has used a relatively newer version of GARCH based model [ACGARCH-M (1,1) model], generalised impulse response functions and Markov regime switching model to account for the relationship between risk and return. Finally, the study provides an insightful understanding of the risk–return relationship in the most promising emerging markets group “BRIC nations”, making the study first of its kind in all the perspectives.
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21

Pan, Ming-Shiun, Ralph T. Hocking, and Hong K. Rim. "The Intertemporal Relationship Between the Currency Spot Market and the Currency Option Market." Journal of Business Finance & Accounting 23, no. 9-10 (December 1996): 1307–17. http://dx.doi.org/10.1111/1468-5957.00081.

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22

Cheng, Jiuqing, and Cassidy Janssen. "The Relationship Between an Alternative Form of Cognitive Reflection Test and Intertemporal Choice." Studia Psychologica 61, no. 2 (2019): 86–98. http://dx.doi.org/10.21909/sp.2019.02.774.

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23

Prince, Yvonne, and Roy Thurik. "The intertemporal stability of the concentration-margins relationship in Dutch and U.S. manufacturing." Review of Industrial Organization 9, no. 2 (April 1994): 193–209. http://dx.doi.org/10.1007/bf01035659.

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24

Grubbström, Robert W., and Peter Ovrin. "Intertemporal generalization of the relationship between material requirements planning and input-output analysis." International Journal of Production Economics 26, no. 1-3 (February 1992): 311–18. http://dx.doi.org/10.1016/0925-5273(92)90081-h.

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25

Reeck, Crystal, Daniel Wall, and Eric J. Johnson. "Search predicts and changes patience in intertemporal choice." Proceedings of the National Academy of Sciences 114, no. 45 (October 23, 2017): 11890–95. http://dx.doi.org/10.1073/pnas.1707040114.

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Intertemporal choice impacts many important outcomes, such as decisions about health, education, wealth, and the environment. However, the psychological processes underlying decisions involving outcomes at different points in time remain unclear, limiting opportunities to intervene and improve people’s patience. This research examines information-search strategies used during intertemporal choice and their impact on decisions. In experiment 1, we demonstrate that search strategies vary substantially across individuals. We subsequently identify two distinct search strategies across individuals. Comparative searchers, who compare features across options, discount future options less and are more susceptible to acceleration versus delay framing than integrative searchers, who integrate the features of an option. Experiment 2 manipulates search using an unobtrusive method to establish a causal relationship between strategy and choice, randomly assigning participants to conditions promoting either comparative or integrative search. Again, comparative search promotes greater patience than integrative search. Additionally, when participants adopt a comparative search strategy, they also exhibit greater effects of acceleration versus delay framing. Although most participants reported that the manipulation did not change their behavior, promoting comparative search decreased discounting of future rewards substantially and speeded patient choices. These findings highlight the central role that heterogeneity in psychological processes plays in shaping intertemporal choice. Importantly, these results indicate that theories that ignore variability in search strategies may be inadvertently aggregating over different subpopulations that use very different processes. The findings also inform interventions in choice architecture to increase patience and improve consumer welfare.
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Naraidoo, Sanju, and Sanjeev K. Sobhee. "An Investigation into the Intertemporal Spending Path of Local Government in Mauritius." Margin: The Journal of Applied Economic Research 14, no. 4 (November 2020): 432–53. http://dx.doi.org/10.1177/0973801020953398.

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This article examines whether local government expenditure in Mauritius is characterised by an intertemporal decision-making path. In other words, to what extent does local government expenditure respond to contemporaneous changes in revenues. In this respect, the article contributes to the existing body of literature by exploring the context of an upper-middle-income country like Mauritius while factoring intertemporal choice in the supply of local public goods. Moreover, the article determines the short-run and long-run responsiveness of local public expenditure to Gross Domestic Product (GDP) through an error correction model based on time series data for Mauritius over the period 1987–2017. Our findings indicate that local government spending becomes less sensitive to its previous values when GDP and its past values are introduced as control variables in the model. Local government expenditure and real output are also found to be co-integrated or to share a long-term relationship. JEL Classification: B22, C1, D9, H4, H11
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27

Wang, Xudong, and Xiaofeng Hui. "Price-Volume Relationship in Bitcoin Futures ETF Market: An Information Perspective." Discrete Dynamics in Nature and Society 2024 (March 31, 2024): 1–14. http://dx.doi.org/10.1155/2024/8066742.

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Bitcoin futures exchange-traded funds (ETFs) are recent innovations in cryptocurrency investment. This article studies the price-volume relationship in this market from an information perspective. We first propose effective mutual information which has better estimation accuracy to analyze the contemporaneous relationship. Using half-hourly trading data of the world’s largest Bitcoin futures ETF, we find that trading volume changes and returns contain information about each other and are contemporaneously dependent. Then, we employ effective transfer entropy to examine the intertemporal relationship. The results show that there exists information transfer from volume changes to returns in most of our sample period, suggesting the presence of return predictability and market inefficiency. However, information transfer in the opposite direction occurs much less frequently, and the amount is typically smaller.
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Amiri, Mohamed Marouen, Kamel Naoui, Abdelkader Derbali, and Mounir Ben Sassi. "Investor sentiment and the risk-return tradeoff." International Journal of Financial Engineering 07, no. 04 (December 2020): 2050043. http://dx.doi.org/10.1142/s2424786320500437.

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The purpose of this paper is to investigate the risk-return tradeoff allowing for the presence of noise traders, i.e., a subset of investors who either base their trading strategies on sentiment or hold unjustified optimistic/pessimistic views regarding market prospects. We measure noise traders’ sentiment relying on two sets of indices, namely the Baker and Wurgler sentiment index and the Michigan Consumer Confidence Index, in the US stock market. Under the assumption of the presence of noise traders’ sentiment, the risk-return tradeoff is tested through two sets of models: Merton’s Intertemporal CAPM and the GARCH-in-mean model. First, we find that the relationship between risk and return allowing for the presence of noise trader risk as measured by the Baker and Wurgler sentiment index is positive and statistically significant when tested through Merton’s Intertemporal CAPM. Second, the risk-return tradeoff tested through GARCH-in-mean models augmented by noise traders’ risk as measured through survey-based measures of sentiment establishes no clear evidence for a significant mean–variance relationship. Overall, we confirm Merton’s (1973) hypothesis that the more risk an investor bears, the greater his expected returns. This paper contributes to the asset pricing literature by trying to shed some light on the risk-return tradeoff from the standpoint of behavioral finance.
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Seong Ow, Chee, Abdul Hamid Baharom, and Muzafar Shah Habibullah. "Intertemporal changes in the antecedents of migration in 1990-2000 period." International Journal of Social Economics 41, no. 4 (April 8, 2014): 266–77. http://dx.doi.org/10.1108/ijse-07-2012-0133.

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Purpose – The purpose of paper is to investigate and determine the intertemporal changes in linkages between migration (both emigration and immigration) and economic conditions in during 1990-2000 period. Design/methodology/approach – The paper employed cross-sectional analysis to investigate the relationship by employing data on immigration and emigration and as for economic condition the paper employed macro-variables such as real income differential (real gross domestic per capita), price level differential (consumer price index) and distance among the countries. Two different points of time were regressed cross-sectionally, with White standard being employed to remove traces of heterogeneity, albeit, 1990 and 2000. Findings – Results clearly indicate that there are significant changes in terms of the relationship of chosen variables with migration over time. The results provide some evidence on the important role played by these variables in influencing migration throughout the period in question. Research limitations/implications – Data covered is limited to 24 countries. The results from these countries alone are not sufficient to address the full impact of migration. Originality/value – The study covers the traditional topic of migration with an econometric approach, with some empirical regression and findings.
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Hyun, Junghwan. "Intertemporal Relationship between Abnormal Loan Growth and Loan Quality: Evidence from Korean Credit Unions." Journal of Finance & Knowledge Studies 16, no. 2 (August 31, 2018): 65–85. http://dx.doi.org/10.38200/jfks.16.2.3.

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31

Smith, Christopher T., Deanna L. Wallace, Linh C. Dang, Esther Aarts, William J. Jagust, Mark D'Esposito, and Charlotte A. Boettiger. "Modulation of impulsivity and reward sensitivity in intertemporal choice by striatal and midbrain dopamine synthesis in healthy adults." Journal of Neurophysiology 115, no. 3 (March 1, 2016): 1146–56. http://dx.doi.org/10.1152/jn.00261.2015.

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Converging evidence links individual differences in mesolimbic and mesocortical dopamine (DA) to variation in the tendency to choose immediate rewards (“ Now”) over larger, delayed rewards (“ Later”), or “ Now bias.” However, to date, no study of healthy young adults has evaluated the relationship between Now bias and DA with positron emission tomography (PET). Sixteen healthy adults (ages 24–34 yr; 50% women) completed a delay-discounting task that quantified aspects of intertemporal reward choice, including Now bias and reward magnitude sensitivity. Participants also underwent PET scanning with 6-[18F]fluoro-l- m-tyrosine (FMT), a radiotracer that measures DA synthesis capacity. Lower putamen FMT signal predicted elevated Now bias, a more rapidly declining discount rate with increasing delay time, and reduced willingness to accept low-interest-rate delayed rewards. In contrast, lower FMT signal in the midbrain predicted greater sensitivity to increasing magnitude of the Later reward. These data demonstrate that intertemporal reward choice in healthy humans varies with region-specific measures of DA processing, with regionally distinct associations with sensitivity to delay and to reward magnitude.
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32

Pushkarskaya, Helen, and Maria I. Marshall. "Lump Sum versus Annuity: Choices of Kentucky Farmers during the Tobacco Buyout Program." Journal of Agricultural and Applied Economics 41, no. 3 (December 2009): 613–24. http://dx.doi.org/10.1017/s1074070800003102.

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Our study uses the data collected during the implementation of the tobacco buyout program in Kentucky to evaluate how rural households, diverse in income, age, family structure, location, education level, and other characteristics, made a choice between annuities and a lump-sum payment. Subjects in our field experiment did not have to retire or change their employment, as did subjects in many field studies of the choice between annuities and lump-sum payments, which allowed us to evaluate the relationship between the option choice and a decision whether to exit the tobacco market. Our results suggest that while discounted utility theory gives acceptable predictions of the farmers' behavior, other factors have to be taken into consideration. First, there are consistent biases that describe individual intertemporal behavior, such as availability bias or acquiescence bias. Second, there is a certain degree of heterogeneity in individual intertemporal preferences that correlates with their personal characteristics, such as education and production status. Third, our analysis revealed that the decision to exit the tobacco market positively correlated with the decision to take a lump-sum payment.
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Hsu, Chiente. "VOLUME–VOLATILITY DYNAMICS IN AN INTERTEMPORAL ASSET PRICING MODEL." Macroeconomic Dynamics 4, no. 4 (December 2000): 506–33. http://dx.doi.org/10.1017/s1365100500017053.

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This paper embeds time-varying volatility into a dynamic equilibrium model of returns and trading. The model allows us to ask how time-varying volatility might affect the relation among return autocorrelation, volatility, and trading volume, as opposed to the pairwise relations that have been studied previously. It is shown analytically that, with time-varying volatility, the relationship between volume and stock return autocorrelation is ambiguous even if agents have symmetric information, which may explain the contradictory findings in the empirical literature. In the numerical exercise, the model is simulated in a way that mimics the persistent volatility of high-frequency stock data documented in numerous empirical studies. Specially, the time-varying volatility of stock returns is approximated with a highly persistent chaotic tent map, which is known to have the same autocorrelation coefficients as an AR(1) process. The simulated data can approximate GARCH-type behavior very well. Whereas in the simulated data, no significant relation between volume and return autocorrelation can be found, there is a significantly positive relation between volume and one-step-ahead stock return volatility. The ambiguous volume–persistence and positive volume–volatility relations are confirmed empirically by using four heavily traded individual stocks. Therefore, the data simulated from the highly stylized asset pricing model with deterministic time-varying volatility can mimic well the volume–return dynamics revealed in the observed data in these two respects.
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Kelm, Mary Katherine, and Charlotte A. Boettiger. "Effects of Acute Dopamine Precusor Depletion on Immediate Reward Selection Bias and Working Memory Depend on Catechol-O-methyltransferase Genotype." Journal of Cognitive Neuroscience 25, no. 12 (December 2013): 2061–71. http://dx.doi.org/10.1162/jocn_a_00464.

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Little agreement exists as to acute dopamine (DA) manipulation effects on intertemporal choice in humans. We previously found that catechol-O-methyltransferase (COMT) Val158Met genotype predicts individual differences in immediate reward selection bias among adults. Moreover, we and others have shown that the relationship between COMT genotype and immediate reward bias is inverted in adolescents. No previous pharmacology studies testing DA manipulation effects on intertemporal choice have accounted for COMT genotype, and many have included participants in the adolescent age range (18–21 years) as adults. Moreover, many studies have included female participants without strict cycle phase control, although recent evidence demonstrates that cyclic estradiol elevations interact with COMT genotype to affect DA-dependent cognition. These factors may have interacted with DA manipulations in past studies, potentially occluding detection of effects. Therefore, we predicted that, among healthy male adults (ages 22–40 years), frontal DA tone, as indexed by COMT genotype, would interact with acute changes in DA signaling to affect intertemporal choice. In a double-blind, placebo-controlled design, we decreased central DA via administration of an amino acid beverage deficient in the DA precursors, phenylalanine and tyrosine, and tested effects on immediate reward bias in a delay-discounting (DD) task and working memory (WM) in an n-back task. We found no main effect of beverage on DD or WM performance but did find significant beverage*genotype effects. These results suggest that the effect of DA manipulations on DD depends on individual differences in frontal DA tone, which may have impeded some past efforts to characterize DA's role in immediate reward bias in humans.
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Elton, Amanda, Christopher T. Smith, Michael H. Parrish, and Charlotte A. Boettiger. "Neural Systems Underlying Individual Differences in Intertemporal Decision-making." Journal of Cognitive Neuroscience 29, no. 3 (March 2017): 467–79. http://dx.doi.org/10.1162/jocn_a_01069.

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Excessively choosing immediate over larger future rewards, or delay discounting (DD), associates with multiple clinical conditions. Individual differences in DD likely depend on variations in the activation of and functional interactions between networks, representing possible endophenotypes for associated disorders, including alcohol use disorders (AUDs). Numerous fMRI studies have probed the neural bases of DD, but investigations of large-scale networks remain scant. We addressed this gap by testing whether activation within large-scale networks during Now/Later decision-making predicts individual differences in DD. To do so, we scanned 95 social drinkers (18–40 years old; 50 women) using fMRI during hypothetical choices between small monetary amounts available “today” or larger amounts available later. We identified neural networks engaged during Now/Later choice using independent component analysis and tested the relationship between component activation and degree of DD. The activity of two components during Now/Later choice correlated with individual DD rates: A temporal lobe network positively correlated with DD, whereas a frontoparietal–striatal network negatively correlated with DD. Activation differences between these networks predicted individual differences in DD, and their negative correlation during Now/Later choice suggests functional competition. A generalized psychophysiological interactions analysis confirmed a decrease in their functional connectivity during decision-making. The functional connectivity of these two networks negatively correlates with alcohol-related harm, potentially implicating these networks in AUDs. These findings provide novel insight into the neural underpinnings of individual differences in impulsive decision-making with potential implications for addiction and related disorders in which impulsivity is a defining feature.
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Oga, Takashi. "Intertemporal Cointegration Model: A New Approach to the Lead–Lag Relationship Between Cointegrated Time Series." Journal of Business Cycle Research 17, no. 1 (February 20, 2021): 27–53. http://dx.doi.org/10.1007/s41549-021-00052-8.

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Seinstra, Maayke, Katharina Grzymek, and Tobias Kalenscher. "Gender-Specific Differences in the Relationship between Autobiographical Memory and Intertemporal Choice in Older Adults." PLOS ONE 10, no. 9 (September 3, 2015): e0137061. http://dx.doi.org/10.1371/journal.pone.0137061.

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Rashid, Abdul, and Ӧzge Kandemir. "Variations in energy use and output growth dynamics: An assessment for intertemporal and contemporaneous relationship." Energy 102 (May 2016): 388–96. http://dx.doi.org/10.1016/j.energy.2016.02.049.

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39

Chang, Yongsung, Sun-Bin Kim, Kyooho Kwon, and Richard Rogerson. "Interpreting Labor Supply Regressions in a Model of Full- and Part-Time Work." American Economic Review 101, no. 3 (May 1, 2011): 476–81. http://dx.doi.org/10.1257/aer.101.3.476.

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We construct a family model of labor supply that features adjustment along both the intensive and extensive margin. Intensive margin adjsutment is restricted to two values: full-time work and part-time work. Using simulated data from the steady state of the calibrated model, we examine whether standard labor supply regressions can uncover the true value of the intertemporal elasticity of labor supply parameter. We find positive estimated elasticities that are larger for women and that are highly significant, but they bear virtually no relationship to the underlying preference parameters.
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40

Tauchen, George. "Stochastic Volatility in General Equilibrium." Quarterly Journal of Finance 01, no. 04 (December 2011): 707–31. http://dx.doi.org/10.1142/s2010139211000237.

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The connections between stock market volatility and returns are studied within the context of a general equilibrium framework. The framework rules out a priori any purely statistical relationship between volatility and returns by imposing uncorrelated innovations. The main model generates a two-factor structure for stock market volatility along with time-varying risk premiums on consumption and volatility risk. It also generates endogenously a dynamic leverage effect (volatility asymmetry), the sign of which depends upon the magnitudes of the risk aversion and the intertemporal elasticity of substitution parameters.
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Staszkiewicz, Piotr, and Rumiana Górska. "The non-audit fee and the auditee’s failure risk." Zeszyty Teoretyczne Rachunkowości 2018, no. 99 (155) (August 20, 2018): 97–118. http://dx.doi.org/10.5604/01.3001.0012.2935.

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This paper examines whether the auditee’s financial situation affects the auditor’s non-audit fee and independ- ence. Three sets of tests were used to address the issue. The first examines whether there are cross-border and intertemporal differences in relationships between non-audit fees and audit fees. The second tests whether there is a relationship between non-audit fees and report modification. The third addresses the relationships between audit fees and the auditee’s financial situation. The results suggest a lack of coexistence of all three motives for the purchase of non-audit fee services, and substantial similarities of auditor and auditee behaviors across Po- land and New Zealand. We documented the lack of a significant link between auditee failure risk and the quality of the audit report. Our findings indicate an operational rather than a strategic nature of non-audit services to incumbent clients.
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Ventre, Viviana, and Roberta Martino. "Quantification of Aversion to Uncertainty in Intertemporal Choice through Subjective Perception of Time." Mathematics 10, no. 22 (November 17, 2022): 4315. http://dx.doi.org/10.3390/math10224315.

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Intertemporal choices are those decisions structured over several periods in which the effects only manifest themselves with the passage of time. The main mathematical reference for studying the behavior of individuals with respect to this type of decision is the Discounted Utility Model which hypothesizes completely rational individuals. The empirical evidence that deviates from normative expectations has motivated the formulation of alternative models with the aim of better describing the behavior of individuals. The present paper investigates the characteristics behind hyperbolic discounting starting from the phenomenon of decision inconsistency, i.e., when individuals’ preferences vary over time. The mechanisms of inconsistency will be explored through the physical concept of relative time, proving the importance of uncertainty aversion in the hyperbolic trend of the discount function. The analysis of the mathematical characteristics of hyperbolic discounting and the relationship between decision inconsistency and subjective perception of time defines the maximum distance between rational and non-rational preferences. An experimental part empirically proves the relationship between uncertainty aversion and time inconsistency. The present paper contributes to the literature by defining a new characteristic of hyperbolic discounting and quantifying the impact of the subjective perception of time in the decision-making process.
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Suwono, Priyo, Axel Giovanni, and Dian Marlina Verawati. "The relationship between self-control and return investment: Evidence from Indonesia." Diponegoro International Journal of Business 6, no. 2 (December 31, 2023): 104–13. http://dx.doi.org/10.14710/dijb.6.2.2023.104-113.

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Self-control in behavioral economics is a matter of intertemporal choice, namely, consumption time. Human behavior in making economic decisions is determined by wealth and the mental accounting one owns. The number of capital market investors in Indonesia has increased in recent years. In addition to conducting fundamental analysis, investors also need to be able to control themselves to reduce the risk of exposure to bias. This study aims to provide evidence of the role of self-control quality on investment returns. The population of this study was capital market investors on the Indonesia Stock Exchange (IDX), with a sample of 51 investors obtained using a purposive sampling method. The research data is primary data obtained from the questionnaire method and analyzed using cluster analysis and an independent samples t-test. The software tool used for data analysis is SPSS 26. The results of this study provide empirical evidence that the quality of self-control plays a role in the investment returns of capital market investors on the Indonesia Stock Exchange (IDX).
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Sims, Eric N. "The rate of technical change in Finnish agriculture, 1960 to 1990." Agricultural and Food Science 3, no. 2 (March 1, 1994): 151–60. http://dx.doi.org/10.23986/afsci.72689.

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The last major study of the productivity of Finnish agriculture using index numbers was completed in 1970. Since that study, there have been significant advances in duality theory and flexible functional forms. Similarly, the progress in the relationship between specific index numbers and production technologies has allowed a specific quantity index to be termed ‘superlative.’ The new techniques of measuring productivity are applied here to examine intertemporal productivity growth in Finnish agriculture from 1960 to 1990. During the period examined, the average annual rate of technical change is 3.6%. This rate is slightly greater than those reported for the U.K. and Ireland.
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Loewenstein, Yonatan, Drazen Prelec, and H. Sebastian Seung. "Operant Matching as a Nash Equilibrium of an Intertemporal Game." Neural Computation 21, no. 10 (October 2009): 2755–73. http://dx.doi.org/10.1162/neco.2009.09-08-854.

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Over the past several decades, economists, psychologists, and neuroscientists have conducted experiments in which a subject, human or animal, repeatedly chooses between alternative actions and is rewarded based on choice history. While individual choices are unpredictable, aggregate behavior typically follows Herrnstein's matching law: the average reward per choice is equal for all chosen alternatives. In general, matching behavior does not maximize the overall reward delivered to the subject, and therefore matching appears inconsistent with the principle of utility maximization. Here we show that matching can be made consistent with maximization by regarding the choices of a single subject as being made by a sequence of multiple selves—one for each instant of time. If each self is blind to the state of the world and discounts future rewards completely, then the resulting game has at least one Nash equilibrium that satisfies both Herrnstein's matching law and the unpredictability of individual choices. This equilibrium is, in general, Pareto suboptimal, and can be understood as a mutual defection of the multiple selves in an intertemporal prisoner's dilemma. The mathematical assumptions about the multiple selves should not be interpreted literally as psychological assumptions. Human and animals do remember past choices and care about future rewards. However, they may be unable to comprehend or take into account the relationship between past and future. This can be made more explicit when a mechanism that converges on the equilibrium, such as reinforcement learning, is considered. Using specific examples, we show that there exist behaviors that satisfy the matching law but are not Nash equilibria. We expect that these behaviors will not be observed experimentally in animals and humans. If this is the case, the Nash equilibrium formulation can be regarded as a refinement of Herrnstein's matching law.
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Kurshev, Alexander, and Ilya A. Strebulaev. "Firm Size and Capital Structure." Quarterly Journal of Finance 05, no. 03 (September 2015): 1550008. http://dx.doi.org/10.1142/s2010139215500081.

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Firm size has been empirically found to be strongly positively related to capital structure. This paper investigates whether a dynamic capital structure model can explain the cross-sectional size–leverage relationship. The driving force that we consider is the presence of fixed costs of external financing that lead to infrequent restructuring and create a wedge between small and large firms. We find four firm-size effects on leverage. Small firms choose higher leverage at the moment of refinancing to compensate for less frequent rebalancings. Their longer waiting times between refinancings lead to lower levels of leverage at the end of restructuring periods. Within one refinancing cycle, the intertemporal relationship between leverage and firm size is negative. Finally, there is a mass of firms opting for no leverage. The analysis of dynamic economy demonstrates that in cross-section, the relationship between leverage and size is positive and thus fixed costs of financing contribute to the explanation of the stylized size–leverage relationship. However, the relationship changes sign when we control for the presence of unlevered firms.
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Shenhav, Amitai, David G. Rand, and Joshua D. Greene. "The relationship between intertemporal choice and following the path of least resistance across choices, preferences, and beliefs." Judgment and Decision Making 12, no. 1 (January 2017): 1–18. http://dx.doi.org/10.1017/s1930297500005209.

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AbstractThe degree to which individuals prefer smaller sooner versus larger delayed rewards serves as a powerful predictor of their impulsivity towards a number of different kinds of rewards. Here we test the limits of its predictive ability within a variety of cognitive and social domains. Across several large samples of subjects, individuals who prefer smaller more immediate rewards (steeper discounters) are less reflective (or more impulsive) in their choices, preferences, and beliefs. First, steeper discounters used more automatic, less controlled choice strategies, giving more intuitive but incorrect responses on the Cognitive Reflection Test (replicating previous findings); employing a suboptimal probability matching heuristic for a one-shot gamble (rather than maximizing their probability of reward); and relying less on optimal planning in a two-stage reinforcement learning task. Second, steeper discounters preferred to consume information that was less complex and multi-faceted, as suggested by their self-reported Need for Cognitive Closure, their use of short-form social media (i.e., Twitter), and their preferred news sources (in particular, whether or not they preferred National Public Radio over other news sources). Third, steeper discounters had interpersonal and religious beliefs that are associated with reduced epistemic complexity: they were more likely to believe that the behavior of others could be explained by fixed rather than dynamic factors, and they believed more strongly in God and in the afterlife. Together these findings provide evidence for a link between individual differences in temporal discounting for monetary rewards and preferences for the path of least resistance (less reflective and/or more automatic modes of processing) across a variety of domains.
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Schulz van Endert, Tim, and Peter N. C. Mohr. "Likes and impulsivity: Investigating the relationship between actual smartphone use and delay discounting." PLOS ONE 15, no. 11 (November 18, 2020): e0241383. http://dx.doi.org/10.1371/journal.pone.0241383.

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The omnipresence of smartphones among adolescents and adults gives rise to the questions about excessive use and personality factors which are associated with heavier engagement with these devices. Previous studies have found behavioral similarities between smartphone use and maladaptive behaviors (e.g. drinking, gambling, drug abuse) in the context of intertemporal choice but mostly relied on participants’ self-reports regarding engagement with their phone. In this study, we collected actual usage data by smartphone application from 101 participants and assessed their tendency to discount future rewards, their reward responsiveness, self-control and consideration of future consequences. We found that smartphone screen time was correlated with choosing smaller immediate over larger delayed rewards and that usage of social media and gaming apps predicted delay discounting. Additionally, smartphone use was negatively correlated with self-control but not correlated with consideration of future consequences. Neither psychological variable could mediate the relationship between smartphone usage and delay discounting. Our findings provide further evidence that smartphone use and impulsive decision-making go hand in hand and that engagement with these devices needs to be critically examined by researchers to guide prudent behavior.
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49

Nyberg, Henri. "Risk-Return Tradeoff in U.S. Stock Returns over the Business Cycle." Journal of Financial and Quantitative Analysis 47, no. 1 (December 15, 2011): 137–58. http://dx.doi.org/10.1017/s0022109011000615.

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AbstractIn the empirical finance literature, findings on the risk-return tradeoff in excess stock market returns are ambiguous. In this study, I develop a new qualitative response (QR)-generalized autoregressive conditional heteroskedasticity-in-mean (GARCH-M) model combining a probit model for a binary business cycle indicator and a regime-switching GARCH-M model for excess stock market return with the business cycle indicator defining the regime. Estimation results show that there is statistically significant variation in the U.S. excess stock returns over the business cycle. However, consistent with the conditional intertemporal capital asset pricing model (ICAPM), there is a positive risk-return relationship between volatility and expected return independent of the state of the economy.
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Sharma, Gagan, Parthajit Kayal, and Piyush Pandey. "Information Linkages Among BRICS Countries: Empirical Evidence from Implied Volatility Indices." Journal of Emerging Market Finance 18, no. 3 (August 21, 2019): 263–89. http://dx.doi.org/10.1177/0972652719846315.

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In this article, we examine the information linkages of the forward-looking measure of volatility, the volatility index (VIX), for underlying equity market indices of BRICS countries—Brazil, Russia, India, China and South Africa. A study of the information transmission process confirmed a long-run equilibrium relationship between pairs of BRICS countries. The multivariate generalised autoregressive conditional heteroscedasticity (MGARCH) model revealed strong intertemporal linkages between sample VIX. Return and volatility spill-over matrix show the varying degree of connectedness of BRICS VIX across the study period. This study contributes to the international finance literature and has important implications for investors, portfolio managers, policymakers and academia. JEL Classification: C58, F36, G11, G14, G15
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