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Using representative panel data sets from the Netherlands and Germany, this study analyzes the long-term stability of two behaviorally validated measures on individuals’ forward-looking attitude: the consideration of future consequences scale and two ultra-short survey items on patience and impulsiveness. Overall, their intra-individual correlation is sufficiently high to consider the measures as stable, and a comprehensive list of live events does not correlate with their instability. Past events have only a small and time-restricted effect, if any. Robustness tests indicate that measurement errors seem to be the most likely reason for their instability. Although these findings mitigate endogeneity concerns, error-in-variable biases can, nevertheless, be substantial. |
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