Time Preferences and Consumer Behavior Jan 27, 2018 By Christopher J. RuhmDavid BradfordCharles CourtemancheGarth HeutelPatrick McAlvanah Time Preferences and Consumer Behavior We investigate the predictive power of survey-elicited time preferences. The discount factor elicited from choice experiments using real payments predicts various health, energy, and financial outcomes, including overall self-reported health, smoking, installing energy-efficient lighting, and credit card balance. Allowing for time-inconsistent preferences, both the long-run and present-bias discount factors (δ and β) are also significantly associated in the expected direction with several outcomes. We consider several hypotheses regarding the strength of the association between discount factors and outcomes, such as salience of the outcome or liquidity constraints. Journal of Risk and Uncertainty Areas of focus Economics Christopher J. Ruhm Christopher J. Ruhm (@christopherruhm) is a Professor of Public Policy & Economics at the University of Virginia. Read full bio David Bradford Charles Courtemanche Garth Heutel Patrick McAlvanah Related Content Christopher J. Ruhm Oklahoma Wanted $17 Billion To Fight Its Opioid Crisis: What's The Real Cost? Research The state's plan — and the basis of that $17 billion ask — was looking at abatement for the next three decades. That 30-year plan was authored by Christopher Ruhm, a professor of public policy and economics at the University of Virginia. He says you can easily get into the billions when you consider the costs of dealing with this epidemic in the long term. Cognitive Performance and Labour Market Outcomes Research We use the U.S. National Longitudinal Survey of Youth 1979 and other sources to examine how cognitive performance near the end of secondary schooling relates to labour market outcomes through age fifty. Our preferred estimates control for individual and family backgrounds, non-cognitive attributes, and survey years. How to target opioid funding to states that need it most News According to new research from Batten’s Christopher J. Ruhm, the federal government’s opioid grant funding structure favors the least populous states, which are not always the states with greatest need. In an op-ed for The Hill, Ruhm suggests several ways to improve the targeting of federal grants that aim to assist states with opioid problems. Federal Opioid Grant Funding Favors Least Populous States, Not Those With the Greatest Need News In a new paper published in the journal Health Affairs, Batten’s Christopher J. Ruhm and co-author Bradley A. Katcher find that the federal government’s opioid grant funding structure favors the least populous states, which are not always the states with greatest need.