Simultaneous measurement of time and risk preferences: Stated preference discrete choice modeling analysis depending on smoking behavior

Takanori Ida, Rei Goto

Research output: Chapter in Book/Report/Conference proceedingChapter

1 Citation (Scopus)

Abstract

Measuring time and risk preferences and relating them to economic behaviors are important topics in behavioral economics. We developed a new method to simultaneously measure the rate of time preference and the coefficient of risk aversion. Analyzing the individual-level relationships between preference parameters and cigarette smoking, we conclude that current smokers are more impatient and risk-prone than non-smokers. Heavy smokers are the most impatient and risk-prone, while ex-smokers are the most patient and risk-averse. Among non-smokers, neither age-related nor gender-related differences were found. On the other hand, risk and time preferences are significantly different according to age and gender for smokers.

Original languageEnglish
Title of host publicationBehavioral Economics of Preferences, Choices, and Happiness
PublisherSpringer Japan
Pages27-48
Number of pages22
ISBN (Electronic)9784431554028
ISBN (Print)9784431554011
DOIs
Publication statusPublished - 2016 Jan 1
Externally publishedYes

Keywords

  • Conjoint analysis
  • Mixed logit model
  • Risk aversion
  • Time preference

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)
  • Business, Management and Accounting(all)
  • Psychology(all)

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