Does nurture matter: theory and experimental investigation on the effect of working environment on risk and time preferences

Article


Nguyen, Q. 2011. Does nurture matter: theory and experimental investigation on the effect of working environment on risk and time preferences. Journal of Risk and Uncertainty. 43 (3), pp. 245-270. https://doi.org/10.1007/s11166-011-9130-4
TypeArticle
TitleDoes nurture matter: theory and experimental investigation on the effect of working environment on risk and time preferences
AuthorsNguyen, Q.
Abstract

Building upon the reference dependent preferences model, we develop a theoretical framework to examine the relationship between environment and preferences. To verify the model’s prediction, we use a combined artefactual field experiment and household survey data in Vietnam to investigate whether involvement is risky and has long-run targeted benefits, thereby causing fishermen to exhibit different risk and time preferences than workers in other occupations. Using a structural model approach, we integrate prospect theory and hyperbolic time discounting into a single framework, to simultaneously estimate and correlate the parameters of both risk and time preferences with other demographic variables. The key finding that fishermen are found to be less risk-averse and more patient than others asserts the theoretical prediction about the influence of the working environment on preferences.

PublisherSpringer
JournalJournal of Risk and Uncertainty
ISSN0895-5646
Electronic1573-0476
Publication dates
Online10 Nov 2011
PrintNov 2011
Publication process dates
Deposited14 May 2015
Output statusPublished
Accepted author manuscript
Copyright Statement

This version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use (https://www.springernature.com/gp/open-research/policies/accepted-ma...), but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: http://dx.doi.org/10.1007/s11166-011-9130-4

Web address (URL)https://link.springer.com/article/10.1007/s11166-011-9130-4
Digital Object Identifier (DOI)https://doi.org/10.1007/s11166-011-9130-4
LanguageEnglish
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