Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam

Tomomi Tanaka, Colin Camerer () and Quang Nguyen

American Economic Review, 2010, vol. 100, issue 1, 557-71

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)

JEL-codes: C83 D12 O12 P36 (search for similar items in EconPapers)
Date: 2010
Note: DOI: 10.1257/aer.100.1.557
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Citations: View citations in EconPapers (724)

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