@TechReport{iza:izadps:dp5821,
            	author={Gautier, Pieter A. and Vuuren, Aico van},
            	title={A Flexible Test for Present Bias and Time Preferences Using Land-Lease Contracts},
            	year={2011},
	month={Jun},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={5821},
            	url={https://www.iza.org/index.php/publications/dp5821},
	abstract={When agents have present bias, they discount more between now and the next period than between period t (> 1) and t + 1. How fast the future discount rate (evaluated today) decays is an empirical question. We show that the discount function can be non-parametrically identified with contracts that specify payments that take place at various points in time in the future and which are traded and priced in a competitive market. We use a unique land lease-contract data set for Amsterdam, which has the above properties, to test for present bias in a flexible way. We find no evidence for present bias in this market. Even though we allow for a general-hyperbolic specification (which has exponential discounting as a special case), our estimates converge to an exponential discount function with a corresponding discount rate (in our baseline specification) of 8 %.},
	keywords={present bias;hyperbolic discounting;discount rate;hedonic estimation},
            }