Eliciting risk and time preferences

Econometrica

Volumn 76, Issue 3, 2008, Pages 583-618

  Andersen, Steffen ^a   Harrison, Glenn W ^b,c   Lau, Morten I ^c   Rutström, E Elisabet ^b  

^a Department of International Economics and Management   (Denmark)

^b UNIVERSITY OF CENTRAL FLORIDA   (United States)

^c DURHAM UNIVERSITY   (United Kingdom)

Author keywords

Discount rate; Field experiment; Risk aversion

Indexed keywords

EID: 42449155596     PISSN: 00129682     EISSN: 14680262     Source Type: Journal    
DOI: 10.1111/j.1468-0262.2008.00848.x     Document Type: Article

References (63)

1. Abdulkadri, A. O., and M. R. Langemeier (2000 Using Farm Consumption Data to Estimate the Intertemporal Elasticity of Substitution and Relative Risk Aversion Coefficients Agricultural Finance Review, 60, 61 70.
2. Ahlbrecht, M., and M. Weber (1997 An Empirical Study on Intertemporal Decision Making Under Risk Management Science, 43, 813 826.
3. Ainslie, G. (1992 Picoeconomics. New York : Cambridge University Press.
4. Anderhub, V., W. Güth, U. Gneezy, and D. Sonsino (2001 On the Interaction of Risk and Time Preference: An Experimental Study German Economic Review, 2, 239 253.
5. Andersen, S., G. W. Harrison, M. I. Lau, and E. E. Rutström (2006 Elicitation Using Multiple Price Lists Experimental Economics, 9, 383 405.
6. Andersen, S., G. W. Harrison, M. I. Lau, and E. E. Rutström (2008 a Supplement to 'Eliciting Risk and Time Preferences' Econometrica Supplemental Material, Vol. 76, http://www.econometricsociety.org/ecta/Supmat/6966_data.zip.
7. Andersen, S., G. W. Harrison, M. I. Lau, and E. E. Rutström (2008 b Lost in State Space: Are Preferences Stable? International Economic Review, 49, forthcoming.
8. Ballinger, T. P., and N. T. Wilcox (1997 Decisions, Error and Heterogeneity Economic Journal, 107, 1090 1105.
9. Barrett, L. F., M. M. Tugade, and R. W. Engle (2004 Individual Differences in Working Memory Capacity and Dual-Process Theories of the Mind Psychological Bulletin, 130, 553 573.
10. Benhabib, J., and A. Bisin (2005 Modeling Internal Commitment Mechanisms and Self-Control: A Neuroeconomics Approach to Consumption-Saving Decisions Games and Economic Behavior, 52, 460 492.
11. Cameron, A. C., and P. K. Trivedi (2005 Microeconometrics: Methods and Applications. New York : Cambridge University Press.
12. Cappellari, L., and S. P. Jenkins (2006 Calculation of Multivariate Normal Probabilities by Simulation, With Applications to Maximum Simulated Likelihood Estimation Stata Journal, 6, 156 189.
13. Chapman, G. (1996 Temporal Discounting and Utility for Health and Money Journal of Experimental Psychology: Learning, Memory, and Cognition, 22, 771 791.
14. Chavas, J.-P. (2004 Risk Analysis in Theory and Practice. San Diego, CA : Elsevier Academic Press.
15. Cohen, J. D. (2005 The Vulcanization of the Human Brain: A Neural Perspective on Interactions Between Cognition and Emotion Journal of Economic Perspectives, 19, 3 24.
16. Coller, M., and M. B. Williams (1999 Eliciting Individual Discount Rates Experimental Economics, 2, 107 127.
17. Eckel, C., C. Johnson, and C. Montmarquette (2005 Savings Decisions of the Working Poor: Short- and Long-Term Horizons in Field Experiments in Economics, Research in Experimental Economics, Vol. 10, ed. by J. Carpenter, G. W. Harrison, and J. A. List. Greenwich, CT : JAI Press, 219 260.
18. El-Gamal, M. A., and D. M. Grether (1995 Are People Bayesian? Uncovering Behavioral Strategies Journal of the American Statistical Association, 90, 1137 1145.
19. Everitt, B. S. (1996 An Introduction to Finite Mixture Distributions Statistical Methods in Medical Research, 5, 107 127.
20. Frederick, S., G. Loewenstein, and T. O'Donoghue (2002 Time Discounting and Time Preference: A Critical Review Journal of Economic Literature, XL, 351 401.
21. Fudenberg, D., and D. K. Levine (2006 A Dual-Self Model of Impulse Control American Economic Review, 96, 1449 1476.
22. Fudenberg, D., and D. K. Levine (2007 Self Control, Risk Aversion and the Allais Paradox Unpublished Manuscript, Department of Economics, Washington University at St. Louis.
23. Gollier, C. (2001 The Economics of Risk and Time. Cambridge, MA : MIT Press.
24. Gouriéroux, C., and A. Monfort (1996 Statistics and Econometric Models. Cambridge, U.K. : Cambridge University Press.
25. Hamermesh, D. S. and G. A. Pfann (eds. 2005 The Economics of Time Use, Contributions to Economic Analysis, Vol. 271. Amsterdam : Elsevier.
26. Harless, D. W., and C. F. Camerer (1994 The Predictive Utility of Generalized Utility Theories Econometrica, 62, 1251 1289.
27. Harrison, G. W., and J. A. List (2004 Field Experiments Journal of Economic Literature, 42, 1013 1059.
28. Harrison, G. W., and E. E. Rutström (2005 Expected Utility Theory and Prospect Theory: One Wedding and a Decent Funeral Working Paper 05-18, Department of Economics, College of Business Administration, University of Central Florida Experimental Economics, forthcoming.
29. Harrison, G. W., and E. E. Rutström (2008 Risk Aversion in the Laboratory in Risk Aversion in Experiments, Research in Experimental Economics, Vol. 12, ed. by J. C. Cox and G. W. Harrison. Bingley, U.K. : Emerald, forthcoming.
30. Harrison, G. W., R. M. Harstad, and E. E. Rutström (2004 Experimental Methods and Elicitation of Values Experimental Economics, 7, 123 140.
31. Harrison, G. W., M. I. Lau, and E. E. Rutström (2007 Estimating Risk Attitudes in Denmark: A Field Experiment Scandinavian Journal of Economics, 109, 341 368.
32. Harrison, G. W., M. I. Lau, E. E. Rutström, and M. B. Sullivan (2005 Eliciting Risk and Time Preferences Using Field Experiments: Some Methodological Issues in Field Experiments in Economics, Research in Experimental Economics, Vol. 10, ed. by J. Carpenter, G. W. Harrison, and J. A. List. Greenwich, CT : JAI Press, 125 218.
33. Harrison, G. W., M. I. Lau, and M. B. Williams (2002 Estimating Individual Discount Rates for Denmark: A Field Experiment American Economic Review, 92, 1606 1617.
34. Herrnstein, R. J. (1981 Self-Control as Response Strength in Quantification of Steady-State Operant Behavior, ed. by C. M. Bradshaw, E. Szabadi, and C. F. Lowe. Amsterdam : North-Holland, 36 52.
35. Hey, J. D. (1995 Experimental Investigations of Errors in Decision Making Under Risk European Economic Review, 39, 633 640.
36. Hey, J. D. (2002 Experimental Economics and the Theory of Decision Making Under Uncertainty Geneva Papers on Risk and Insurance Theory, 27, 5 21.
37. Hey, J. D., and C. Orme (1994 Investigating Generalizations of Expected Utility Theory Using Experimental Data Econometrica, 62, 1291 1326.
38. Holt, C. A., and S. K. Laury (2002 Risk Aversion and Incentive Effects American Economic Review, 92, 1644 1655.
39. Holt, C. A., and S. K. Laury (2005 Risk Aversion and Incentive Effects: New Data Without Order Effects American Economic Review, 95, 902 912.
40. Issler, J. V., and N. S. Piqueira (2000 Estimating Relative Risk Aversion, the Discount Rate, and the Intertemporal Elasticity of Substitution in Consumption for Brazil Using Three Types of Utility Functions Brazilian Review of Econometrics, 20, 201 239.
41. Kahneman, D., J. L. Knetsch, and R. H. Thaler (1990 Experimental Tests of the Endowment Effect and the Coase Theorem Journal of Political Economy, 98, 1325 1348.
42. Keller, L. R., and E. Strazzera (2002 Examining Predictive Accuracy Among Discounting Models Journal of Risk and Uncertainty, 24, 143 160.
43. Kirby, K. N., and N. N. Maraković (1996 Delay-Discounting Probabilistic Rewards: Rates Decrease as Amounts Increase Psychonomic Bulletin & Review, 3, 100 104.
44. Kirby, K. N., and M. Santiesteban (2003 Concave Utility, Transactions Costs, and Risk in Measuring Discounting of Delayed Rewards Journal of Experimental Psychology: Learning, Memory, and Cognition, 29, 66 79.
45. Kreps, D. M., and E. L. Porteus (1978 Temporal Resolution of Uncertainty and Dynamic Choice Theory Econometrica, 46, 185 200.
46. Liang, K.-Y., and S. L. Zeger (1986 Longitudinal Data Analysis Using Generalized Linear Models Biometrika, 73, 13 22.
47. Loomes, G., and R. Sugden (1995 Incorporating a Stochastic Element Into Decision Theories European Economic Review, 39, 641 648.
48. Loomes, G., P. G. Moffatt, and R. Sugden (2002 A Microeconometric Test of Alternative Stochastic Theories of Risky Choice Journal of Risk and Uncertainty, 24, 103 130.
49. Mazur, J. E. (1987 An Adjustment Procedure for Studying Delayed Reinforcement in The Effect of Delay and Intervening Events on Reinforcement Value, ed. by M. L. Commons, J. E. Mazur, J. A. Nevin, and H. Rachlin. Hillsdale, NJ : Erlbaum, 55 76.
50. McLachlan, G., and D. Peel (2000 Finite Mixture Models. New York : Wiley.
51. Mitchell, R. C., and R. T. Carson (1989 Using Surveys to Value Public Goods: The Contingent Valuation Method. Baltimore : Johns Hopkins Press.
52. Papke, L. E., and J. M. Wooldridge (1996 Econometric Methods for Fractional Response Variables With an Application to 401(K) Plan Participation Rates Journal of Applied Econometrics, 11, 619 632.
53. Pearson, K. (1894 Contribution to the Mathematical Theory of Evolution Philosophical Transactions A, 185, 71 110.
54. Prelec, D. (2004 Decreasing Impatience: A Criterion for Non-Stationary Time Preference and "Hyperbolic" Discounting Scandinavian Journal of Economics, 106, 511 532.
55. Rabin, M. (2000 Risk Aversion and Expected Utility Theory: A Calibration Theorem Econometrica, 68, 1281 1292.
56. Rogers, W. H. (1993 Regression Standard Errors in Clustered Samples Stata Technical Bulletin, 13, 19 23.
57. Shapiro, J. M. (2005 Is There a Daily Discount Rate? Evidence From the Food Stamp Nutrition Cycle Journal of Public Economics, 89, 303 325.
58. Tanaka, T., C. F. Camerer, and Q. Nguyen (2007 Risk and Time Preferences: Experimental and Household Survey Data From Vietnam Working Paper, California Institute of Technology.
59. Train, K. E. (2003 Discrete Choice Methods With Simulation. New York : Cambridge University Press.
60. van Praag, B. M. S., and A. S. Booij (2003 Risk Aversion and the Subjective Time Preference: A Joint Approach Working Paper 923, CESifo Institute for Economic Studies, Munich.
61. Wakker, P. P. (2006 Explaining the Characteristics of the Power (CRRA) Utility Family Unpublished Manuscript, Econometric Institute, Erasmus University, Rotterdam.
62. Williams, R. L. (2000 A Note on Robust Variance Estimation for Cluster-Correlated Data Biometrics, 56, 645 646.
63. Wooldridge, J. (2003 Cluster-Sample Methods in Applied Econometrics American Economic Review, 93, 133 138.