Table 1

Detailed Summary Statistics for Time Preferences

Panel ARetireesNonretirees
SoonerLater% SoonerSoonerLater% Sooner
Immediate tax refund (low interest rate)15439801,72340981
Immediate tax refund (medium interest rate)11281589461,18644
Immediate tax refund (high interest rate)10489545351,59725
Delayed tax refund (low interest rate)11677601,27885460
Delayed tax refund (medium interest rate)73120383931,73918
Delayed tax refund (high interest rate)79114411571,9757
Panel BRetireesNonretirees
Observations Included in Analysisn%n%
Time consistent
# inconsistent answers = 012263.21,25759.0
Present biased
# inconsistent answers = 13819.749023.0
# inconsistent answers = 2136.71858.7
# inconsistent answers = 3147.31798.4
Observations excluded from analysisn%n%
Future biased42.1170.8
Mixed biased21.040.2
  • Notes: The table presents detailed summary statistics of the time preference measure used in the survey (see Figure 1). Panel A shows choices of participants (sooner or later tax refund) in each of the six questions separately for the sub-samples of retirees and nonretirees. Panel B specifies time-consistent responses, present-biased responses, and other response patterns.