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American Economic Review: Vol. 100 No. 1 (March 2010)
AER Volume. 100, Issue 1 | 
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Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam
Article Citation
Tanaka, Tomomi,
Colin F. Camerer, and
Quang Nguyen. 2010. "Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam."
American Economic Review,
100(1): 557-71.
DOI: 10.1257/aer.100.1.557
DOI: 10.1257/aer.100.1.557
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. (C83, D12, O12, P38)
Article Full-Text Access
Full-text Article
Additional Materials
Download Data Set (89.28 KB) | Appendix (314.08 KB)
Authors
Tanaka, Tomomi (AZ State U)
Camerer, Colin F. (CA Institute of Technology)
Nguyen, Quang (U Lumiere Lyon II)
Camerer, Colin F. (CA Institute of Technology)
Nguyen, Quang (U Lumiere Lyon II)
JEL Classifications
C83: Survey Methods; Sampling Methods
D12: Consumer Economics: Empirical Analysis
O12: Microeconomic Analyses of Economic Development
P36: Socialist Institutions and Their Transitions: Consumer Economics; Health; Education and Training: Welfare, Income, Wealth, and Poverty
D12: Consumer Economics: Empirical Analysis
O12: Microeconomic Analyses of Economic Development
P36: Socialist Institutions and Their Transitions: Consumer Economics; Health; Education and Training: Welfare, Income, Wealth, and Poverty
