Visual continuous time preferences: field experiment in Honduras

Abstract

Visual Continuous Time Preferences (VCTP) is a novel tool for measuring time preferences that synthesizes the simplicity of Multiple Price List (MPL) and the precision of Convex Time Budget (CTB) tasks. We evaluate this tool in the field, in rural Honduras, to test whether running the task with enumerators and reducing the number of decisions improves the quality of results. We partially replicate results of the laboratory experiment since subjects answer the task rapidly and consistently, but they make little use of the additional precision. Enumerators are crucial or maintaining sample size and reducing the number of balls is not an improvement because it decreases the precision of answers. Results therefore suggest that the visual methodology has the potential to measure economic preferences among populations from lower socioeconomic backgrounds by making the salient aspects of the reasoning more accessible.