Risk and time preferences: linking experimental and household survey data from Vietnam

Book chapter

Tanaka, T., Camerer, C. and Nguyen, Q. 2016. Risk and time preferences: linking experimental and household survey data from Vietnam. in: Ikeda, S., Kato, H., Ohtake, F. and Tsutsui, Y. (ed.) Behavioral Economics of Preferences, Choices, and Happiness Springer, Tokyo. pp. 3-25
Chapter titleRisk and time preferences: linking experimental and household survey data from Vietnam
AuthorsTanaka, 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.

Page range3-25
Book titleBehavioral Economics of Preferences, Choices, and Happiness
EditorsIkeda, S., Kato, H., Ohtake, F. and Tsutsui, Y.
PublisherSpringer, Tokyo
ISBN
Hardcover9784431554011
Publication dates
Print01 Jan 2016
Publication process dates
Deposited25 Jan 2018
Output statusPublished
Digital Object Identifier (DOI)https://doi.org/10.1007/978-4-431-55402-8_1
LanguageEnglish
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