New Economics Papers
on Neuroeconomics
Issue of 2012‒02‒20
two papers chosen by

  1. Impatience among preschool children and their mothers By Kosse, Fabian; Pfeiffer, Friedhelm
  2. Noncognitive skills in economics: Models, measurement, and empirical evidence By Thiel, Hendrik; Thomsen, Stephan L.

  1. By: Kosse, Fabian; Pfeiffer, Friedhelm
    Abstract: Using experimental data of children and their mothers, this paper explores the intergenerational relationship of impatience. The child's impatience stems from a delay of gratification experiment. Mother's impatience has been assessed by a choice task where the mothers faced trade-offs between a smaller-sooner and a larger-later monetary reward with a delay of six or twelve months. The findings demonstrate an intergenerational relationship in short-run decision making. Controlling for mother's and child's characteristics the child's impatience at preschool age is significantly correlated with the six month maternal reservation interest rate. --
    Keywords: time preferences,impatience : intergenerational transmission,field experiments
    JEL: C93 D03 D90
    Date: 2012
  2. By: Thiel, Hendrik; Thomsen, Stephan L.
    Abstract: There is an increasing economic literature considering personality traits as a source of individual differences in labor market productivity and other outcomes. This paper provides an overview on the role of these skills regarding three main aspects: measurement, development over the life course, and outcomes. Based on the relevant literature from different disciplines, the common psychometric measures used to assess personality are discussed and critical assumptions for their application are highlighted. We sketch current research that aims at incorporating personality traits into economic models of decision making. A recently proposed production function of human capital which takes personality into account is reviewed in light of the findings about life cycle dynamics in other disciplines. Based on these foundations, the main results of the empirical literature regarding noncognitive skills are briefly summarized. Moreover, we discuss common econometric pitfalls that evolve in empirical analysis of personality traits and possible solutions. --
    Keywords: noncognitive skills,personality,human capital formation,psychometric measures
    JEL: I20 I28 J12 J24 J31
    Date: 2011

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