Risk and time preferences: linking experimental and household survey data from Vietnam
Article
Tanaka, T., Camerer, C. and Nguyen, Q. 2010. Risk and time preferences: linking experimental and household survey data from Vietnam. American Economic Review. 100 (1), pp. 557-571. https://doi.org/10.1257/aer.100.1.557
Type | Article |
---|---|
Title | Risk and time preferences: linking experimental and household survey data from Vietnam |
Authors | Tanaka, T., Camerer, C. and Nguyen, Q. |
Abstract | We conducted experiments in Vietnamese villages to determine the predictors of risk and time preferences. In villages with higher mean income, people are less loss-averse and more patient. Household income is correlated with patience but not with risk. We expand measurements of risk and time preferences beyond expected utility and exponential discounting, replacing those models with prospect theory and a three-parameter hyperbolic discounting model. Comparable risk parameter estimates have been found for Chinese farmers, using our method. |
Research Group | International Business group |
Journal | American Economic Review |
ISSN | 0002-8282 |
Publication dates | |
01 Mar 2010 | |
Publication process dates | |
Deposited | 14 May 2015 |
Accepted | 01 Mar 2010 |
Output status | Published |
Publisher's version | |
Copyright Statement | Copyright American Economic Association; reproduced with permission. Copyright & Permissions https://www.aeaweb.org/journals/policies/copyright |
Digital Object Identifier (DOI) | https://doi.org/10.1257/aer.100.1.557 |
Language | English |
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