Time preference and personal value: A population-based cross-sectional study in Japan

Abstract

Objective: This study aimed to investigate the association between time preference (i.e., time discounting and hyperbolic time discounting) and personal values (the areas of priority values and commitment to value) in a sample of adult community residents in Japan. Methods: Data from respondents (N = 2787) who completed the wave 1 and 3 surveys of a three-wave panel study of adult community residents in municipalities in Tokyo and suburban areas spanning 2010-2017 were analysed. Time discount rate and hyperbolic discount were measured using a three-item choice-based scale at the wave 1. Areas of priority value at present and at age 15 were measured by 11 questions for different value areas at the wave 3; the commitment to value at present and age 15 was measured by the Personal Value Questionnaire-II (PVQ-II) at the wave 3. Linear regression analyses were conducted of priority areas of values and commitment to value on time preference indicators, adjusting for sociodemographic variables and childhood socioeconomic status. Results: After excluding those with missing responses, data from 1880 and 1958 respondents were subject to analyses on time discounting and hyperbolic time discounting, respectively. Time discount rate was significantly and negatively associated with the value area of maintaining a stable life at present. Hyperbolic time discounting was significantly and negatively associated with the commitment to value at age 15. Conclusion: There may be an association between time preference and personal values. Time discounting and hyperbolic time discounting may be associated with different aspects of personal values, i.e., area of priority values and commitment to value, respectively.