| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5213 |
| 来源ID | Working Paper 5213 |
| Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Survey | |
| Robert B. Barsky; Miles S. Kimball; F. Thomas Juster; Matthew D. Shapiro | |
| 发表日期 | 1995-08-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | Individuals' preferences underlying most economic behavior are likely to display substantial heterogeneity. This paper reports on direct measures of preference parameters relating to risk tolerance, time preference, and intertemporal substitution. These experimental measures are based on survey respondents' choices in hypothetical situations. The questions are constructed with as little departure from the theorist's concept of the underlying parameter as possible. The individual measures of preference parameters display substantial heterogeneity. The majority of respondents fall into the least risk-tolerant group, but a substantial minority display higher risk tolerance. The individual measures of intertemporal substitution and time preference also display substantial heterogeneity. The mean risk tolerance is 0.25; the mean elasticity of intertemporal substitution is 0.2. Estimated risk tolerance and the elasticity of intertemporal substitution are essentially uncorrelated across individuals. Because the risk tolerance measure is obtained as part of the main questionnaire of a large survey, it can be related to a number of economic behaviors. Measured risk tolerance is positively related to a number of risky behaviors, including smoking, drinking, failing to have insurance, and holding stocks rather than Treasury bills. Although measured risk tolerance explains only a small fraction of the variation of the studied behaviors, these estimates provide evidence about the validity and usefulness of the measures of preference parameters. |
| 主题 | Microeconomics ; Economics of Information ; Behavioral Economics |
| URL | https://www.nber.org/papers/w5213 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562658 |
| 推荐引用方式 GB/T 7714 | Robert B. Barsky,Miles S. Kimball,F. Thomas Juster,et al. Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Survey. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5213.pdf（657KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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