 Roles of Parental Risk and Time Preferences in Parental Investment and AspirationsWeerachart Kilenthong, Sartja Duangchaiyoosook and Suparee Boonmanunt No 249, PIER Discussion Papers from Puey Ungphakorn Institute for Economic Research Abstract: This paper examines how parents’ risk and time preferences shape their parental investment and aspirations for children’s education and occupations, using a longitudinal survey conducted in rural Thailand. We jointly estimate risk and time preference parameters based on economic theory, using incentivized experiments and incorporating heterogeneous individual background consumption. The first key finding is that parents view parental investment as a risky activity from the early childhood stage onward. Second, parents value later investments more than earlier ones. Third, parents perceive achieving educational success and pursuing a STEM career as risky endeavors for their children. This paper also finds that children with divorced parents tend to receive less parental investment, and their parents expect less from them. Keywords: Parental investment; Education aspiration; Occupation aspiration; Risk preferences; Time preferences; Incentivized experiment; Early childhood (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pui:dpaper:249 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in PIER Discussion Papers from Puey Ungphakorn Institute for Economic Research Contact information at EDIRC. |
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