A1 Journal article (refereed)
In Search of Determinants of Time-Discounting in Monetary Choices : Personal Characteristics Matter Only a Little (2022)

Vargová, L., & Adamkovič, M. (2022). In Search of Determinants of Time-Discounting in Monetary Choices : Personal Characteristics Matter Only a Little. Studia Psychologica, 64(3), 313-328. https://doi.org/10.31577/sp.2022.03.856

JYU authors or editors

Publication details

All authors or editors: Vargová, Lenka; Adamkovič, Matúš

Journal or series: Studia Psychologica

ISSN: 0039-3320

eISSN: 2585-8815

Publication year: 2022

Publication date: 26/09/2022

Volume: 64

Issue number: 3

Pages range: 313-328

Publisher: Central Library of the Slovak Academy of Sciences

Publication country: Slovakia

Publication language: English

DOI: https://doi.org/10.31577/sp.2022.03.856

Research data link: https://osf.io/yp85k/

Publication open access: Openly available

Publication channel open access: Open Access channel

Publication is parallel published (JYX): https://jyx.jyu.fi/handle/123456789/84827

Abstract

Time-discounting in monetary choices is determined by aspects related to the reward, contextual factors and characteristics of a person. In the present study, we used three datasets (Ndata1 = 419; Ndata2 = 485; Ndata3 = 240) to examine how well personal characteristics (sociodemographic, financial situation, self-control, cognitive abilities, negative experiencing, and trustfulness) predict time-discounting in both hypothetical and real reward scenarios. The results of the regression analyses indicate that the characteristics of a person only explain a small proportion of the variance in time-discounting (R2 ranged from .10 to .19). The only substantive predictors of time-discounting in monetary choices were financial literacy and the general tendency to delay gratification. We conclude that there remains much work to be done in explaining what determines time-discounting. However, shifting the focus from personal characteristics to the characteristics of reward and contextual factors could be of interest.

Keywords: discounting; money (means of payment); time; choice; rewarding; incentives; personality traits; traits of character; sociodemographic characteristics; cognitive skills; economic condition

Free keywords: time-discounting; delay discounting; monetary choices; predictors of time-discounting; personal characteristics

Contributing organizations

Ministry reporting: Yes

Reporting Year: 2022

JUFO rating: 1