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

Tanaka, Tomomi, 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 (doi:10.1257/aer.100.1.557)

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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 > International Business group
Item ID: 15995
Notes on copyright: Access to full text restricted pending copyright check.
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Depositing User: Quang Nguyen
Date Deposited: 14 May 2015 10:16
Last Modified: 04 Jun 2019 17:30
URI: https://eprints.mdx.ac.uk/id/eprint/15995

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