Detailed Summary Statistics for Time Preferences
| Panel A | Retirees | Nonretirees | ||||
|---|---|---|---|---|---|---|
| Sooner | Later | % Sooner | Sooner | Later | % Sooner | |
| Immediate tax refund (low interest rate) | 154 | 39 | 80 | 1,723 | 409 | 81 |
| Immediate tax refund (medium interest rate) | 112 | 81 | 58 | 946 | 1,186 | 44 |
| Immediate tax refund (high interest rate) | 104 | 89 | 54 | 535 | 1,597 | 25 |
| Delayed tax refund (low interest rate) | 116 | 77 | 60 | 1,278 | 854 | 60 |
| Delayed tax refund (medium interest rate) | 73 | 120 | 38 | 393 | 1,739 | 18 |
| Delayed tax refund (high interest rate) | 79 | 114 | 41 | 157 | 1,975 | 7 |
| Panel B | Retirees | Nonretirees | ||||
| Observations Included in Analysis | n | % | n | % | ||
| Time consistent | ||||||
| # inconsistent answers = 0 | 122 | 63.2 | 1,257 | 59.0 | ||
| Present biased | ||||||
| # inconsistent answers = 1 | 38 | 19.7 | 490 | 23.0 | ||
| # inconsistent answers = 2 | 13 | 6.7 | 185 | 8.7 | ||
| # inconsistent answers = 3 | 14 | 7.3 | 179 | 8.4 | ||
| Total | 187 | 96.9 | 2,111 | 99.0 | ||
| Observations excluded from analysis | n | % | n | % | ||
| Future biased | 4 | 2.1 | 17 | 0.8 | ||
| Mixed biased | 2 | 1.0 | 4 | 0.2 | ||
| Total | 6 | 3.1 | 21 | 1.0 | ||
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.