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. New Research: Non-Opioid Drug Death Rates Are Also on the Rise News The number of Americans dying from drug overdoses has risen rapidly in the last decade, with opioids viewed as the primary culprit. However, recent research suggests that opioids are not the only drug involved. According to Batten professor of economics, Christopher J. Ruhm, half of the overdose deaths have involved polydrug use and deaths involving nonopioid drugs are rising almost as fast as those involving opioids.