Psychological and Biological Foundations of Time Preference - Evidence from a Day Reconstruction Study with Biological Tracking

This paper considers the relationship between the economic concept of time preference and relevant concepts from psychology and biology. Using novel data from a time diary study conducted in Ireland that combined detailed psychometric testing with medical testing and real-time bio-tracking, we examine the distribution of a number of psychometric measures linked to the economic concept of time preferences and test the extent to which these measures form coherent clusters and the degree to which these clusters are related to underlying biological substrates. The paper finds that financial discounting is related to a range of psychological variables including consideration of future consequences, self-control, conscientiousness, extraversion, and experiential avoidance as well as being predicted by heart rate variability and blood pressure.

Psychological and Biological Foundations of Time Preference: Evidence from a Day Reconstruction Study with Biological Tracking

This paper considers the relationship between the economic concept of time preference and relevant concepts from psychology and biology. Using novel data from a time diary study conducted in Ireland that combined detailed psychometric testing with medical testing and realtime bio-tracking, we examine the distribution of a number of psychometric measures linked to the economic concept of time preferences and test the extent to which these measures form coherent clusters and the degree to which these clusters are related to underlying biological substrates. The paper finds that financial discounting is related to a range of psychological variables including consideration of future consequences, self-control, conscientiousness, extraversion, and experiential avoidance as well as being predicted by heart rate variability and blood pressure.

The Experience of Unemployment in Ireland: A Thematic Analysis

This paper reports on the results of 13 semi-structured focus groups carried out with unemployed respondents across Ireland in 2010. The purpose of the research is to examine the subjective experience of unemployment across a wide range of dimensions. 15 overarching themes emerged from a detailed thematic analysis of the texts of the interviews. The themes highlight a wide range of aversive psychological states associated with unemployment. The themes examine: perceptions of the economic boom; reactions to the recession; attitudes toward media coverage; gender differences in experiences of unemployment; financial worries relating to unemployment; perceptions of the position of young people; uncertainty about the future; lack of structure and routine associated with unemployment; health issues associated with unemployment; identity challenges; the social context of unemployment; issues surrounding reentering employment; attitudes toward social protection payments; social comparison effect and perceptions of training services. This paper concludes with a brief discussion of the psychological impact of unemployment.

The Role of Awakening Cortisol and Psychological Distress in Diurnal Variations in Affect: A Day Reconstruction Study

People often feel unhappy in the morning but better later in the day, and this pattern may be amplified in the distressed. Past work suggests that one function of cortisol is to energize people in the mornings. In a study of 174 students we tested to see if daily affect patterns, psychological distress, and awakening cortisol levels were interlinked. Affect levels were assessed using the Day Reconstruction Method (Kahneman, Krueger, Schkade, Schwarz, & Stone, 2004) and psychological distress was measured using the Depression Anxiety Stress Scales (Antony, Bieling, Cox, Enns, & Swinson, 1998). On average positive affect increased markedly in a linear pattern across the day whilst negative affect decreased linearly. For the highly distressed this pattern was stronger for positive affect. Lower than average morning cortisol, as assessed by two saliva samples at waking and two samples 30 minutes after waking, predicted a clear increasing pattern of positive affect throughout the day. When we examined the interlinkages between affect patterns, distress, and cortisol our results showed that a pronounced linear increase in positive affect from morning through to evening occurred chiefly among distressed people with below average cortisol levels upon awakening. Psychological distress, whilst not strongly associated with morning cortisol levels, does appear to interact with cortisol levels to profoundly influence affect.Cortisol, Psychological Distress, Positive Affect, Diurnal Variation, Day Reconstruction Method

Risk Attitudes as an Independent Predictor of Debt

This paper examines how attitudes to risk relate to other psychological constructs of personality and consideration of future consequences (a proxy for time preferences) and how risk attitudes relate to credit behaviour and debt holdings. There is a small correlation between risk attitudes and consideration of future consequences. As regards personality, risk attitudes are most positively related to extraversion and openness to experience and are negatively related to neuroticism. Risk willingness is a robust predictor of debt holdings even controlling for demographics, personality, consideration of future consequences and other covariates.

Naturalistic monitoring of the affect-heart rate relationship: A Day Reconstruction Study

Objective: Prospective studies have linked both negative affective states and trait neuroticism with hypertension, cardiovascular disease, and mortality. However, identifying how fluctuations in cardiovascular activity in day-to-day settings are related to changes in affect and stable personality characteristics has remained a methodological and logistical challenge. Design - In the present study, we tested the association between affect, affect variability, personality and heart rate (HR) in daily life. Measures: We utilized an online day reconstruction survey to produce a continuous account of affect, interaction, and activity patterns during waking hours. Ambulatory HR was assessed during the same period. Consumption, activity, and baseline physiological characteristics were assessed in order to isolate the relationships between affect, personality and heart rate. Results: Negative affect and variability in positive affect predicted an elevated ambulatory HR and tiredness a lower HR. Emotional stability was inversely related to HR, whereas agreeableness predicted a higher HR. Baseline resting HR was unrelated to either affect or personality. Conclusion: The results suggest that both state and trait factors implicated in negative affectivity may be risk factors for increased cardiovascular reactivity in everyday life. Combining day reconstruction with psychophysiological and environmental monitoring is discussed as a minimally invasive method with promising interdisciplinary relevance.heart rate, negative affect, affect variability, Big Five, Day Reconstruction Method

Psychological and Biological Foundations of Time Preference: Evidence from a Day Reconstruction Study with Biological Tracking

This paper considers the relationship between the economic concept of time preference and relevant concepts from psychology and biology. Using novel data from a time diary study conducted in Ireland that combined detailed psychometric testing with medical testing and real-time bio-tracking, we examine the distribution of a number of psychometric measures linked to the economic concept of time preferences and test the extent to which these measures form coherent clusters and the degree to which these clusters are related to underlying biological substrates. The paper finds that financial discounting is related to a range of psychological variables including consideration of future consequences, self-control, conscientiousness, extraversion, and experiential avoidance as well as being predicted by heart rate variability and blood pressure.time preferences, day reconstruction study, economics and psychology, economics and biology