Experimental Evidence on Socioeconomic Differences in Risk‐Taking and Risk Premiums

Zheng Li

The Economic Record, 2020, vol. 96, issue 313, 140-152

Abstract: Using a route choice experiment with embedded travel time variability, this study empirically estimates car commuters’ risk attitudes and taste preferences within a nonlinear mixed logit model. In addition to the identified overall risk‐taking behaviour, we find that risk attitudes covary with some sociodemographic characteristics, that is, older commuters are more risk‐taking than young ones and higher‐income commuters are less risk‐taking than low‐income ones. The implications of accounting for systematic risk attitude heterogeneity for valuing travellers’ willingness to pay for travel time improvement are also discussed.

Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1111/1475-4932.12544

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:ecorec:v:96:y:2020:i:313:p:140-152

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=0013-0249

Access Statistics for this article

The Economic Record is currently edited by Paul Miller, Glenn Otto and Martin Richardson

More articles in The Economic Record from The Economic Society of Australia Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().