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

Tanaka, Tomomi and Camerer, Colin F. and Nguyen, Quang (2010) Risk and time preferences: linking experimental and household survey data from Vietnam. American Economic Review, 100 (1). pp. 557-571. ISSN 0002-8282

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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.

Item Type: Article
Research Areas: A. > Business School > Economics
A. > Business School > International Management and Innovation
Item ID: 11976
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Depositing User: Users 3197 not found.
Date Deposited: 19 Sep 2013 13:29
Last Modified: 19 Apr 2017 09:45
URI: http://eprints.mdx.ac.uk/id/eprint/11976

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