TIME-PREFERENCES FOR PRODUCTS AND ATTRIBUTES AND THE ADOPTION OF TECHNOLOGY-DRIVEN CONSUMER DURABLE INNOVATIONS

In this paper, consumers' time preferences for technology-driven consumer durable innovations are examined. We calculate from survey data rates of time preference for products and product attributes. Several propositions related to these constructs are empirically tested. The results show that, over subjects, the product rate is different from the economic discount rate which captures time preferences for money, that product rates of time preference vary by individual, by product and over time, and that attribute level rates of time preference may vary by attribute.