Estimating Time Preferences for Leisure

We study time preferences by means of a longitudinal lab experiment involving both monetary and non-monetary rewards (leisure). Our novel design allows to measure whether participants prefer anticipate or delay gratification, without imposing any structural assumption on the instantaneous utility, intertemporal utility discounting functions. find that most people (positive for money), but they (negative leisure). These results cannot be explained personal timetables heterogeneous only. They invite reconsider psychological interpretation discount factor, suggest is consistent across domains can lead non-negligible prediction errors in models decisions, such as labor supply models.