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

Takanori Ida, Rei Goto

Research output: Contribution to journalArticle

49 Citations (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 nonsmokers. Heavy smokers are the most impatient and risk-prone, whereas ex-smokers are the most patient and risk-averse. Among nonsmokers, 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
Pages (from-to)1169-1182
Number of pages14
JournalInternational Economic Review
Volume50
Issue number4
DOIs
Publication statusPublished - 2009 Nov
Externally publishedYes

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Risk preferences
Time preference
Discrete choice modelling
Smoking behavior
Stated preference
Risk-averse
Cigarette smoking
Coefficients
Economic behaviour
Risk aversion

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

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