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Persistence of individual and social preferences in rural settings

José Gabriel Castillo and Manuel A. Hernandez

No 2345, GSSP working papers from International Food Policy Research Institute (IFPRI)

Abstract: Preferences play a key role in decision-making and are generally assumed as time-invariant in economic modeling despite the mixed empirical evidence. We examine the stability of individual and social preferences in rural settings using the COVID-19 pandemic as a major global shock. We employ a unique longitudinal dataset comprising 1,262 smallholder households, based on interviews with household heads conducted across four survey waves between 2019 and 2022. We find a temporal, two-year shift in risk tolerance, while interpersonal trust and generosity perceptions show a sustained deterioration over three years. We explore possible variations by household characteristics and the degree of exposure to the virus, self-confinement, and extreme weather events.

Keywords: COVID-19; decision making; extreme weather events; risk; rural areas; stability; Guatemala; Americas; Central America (search for similar items in EconPapers)
Date: 2025-07-02
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Persistent link: https://EconPapers.repec.org/RePEc:fpr:gsspwp:175452

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