Question pretext
NOW WE WILL REPEAT THE PROCESS. We will do the same thing, with one important difference: you will have to wait 60 days to receive the money from the beans that you place in “FUTURE”. The money from the beans that you place in “NOW” will still be paid to your account in one week. You will be paid the real payoff of one of your 10 decisions (5 in stage 1 and 5 in stage 2). We will determine which one at random in front of you in a few minutes time. It is 100% guaranteed that you will receive the money: in the extremely unlikely event that, by the due date, you still have not received the money, please contact Mr Femi Adegoke (contact details provided in the prize coupon) and your payment will be sorted immediately “
Literal question
Let us consider an interest rate of 100%. I am going to ask you to please split your 12 beans between Dish A (now) and Dish B (future). One bean allocated to dish A corresponds to ?500 paid tomorrow in your bank account. One bean allocated to dish B corresponds to more money: ?1000 paid into your bank account in 60 days.
Categories
Warning: these figures indicate the number of cases found in the data file. They cannot be interpreted as summary statistics of the population of interest.
Interviewer instructions
Section 11 - Time Preference Game
The present payoff in Naira is equal to ?[pref_beans_disha_100a] and the future payoff in Naira is equal to ?[pref_beans_dishb_100a], so you get a total wealth in Naira of ?[pref_beans_total_100a]
