Preference parameters and behavioral heterogeneity: An experimental approach in the health and retirement study
Preference parameters and behavioral heterogeneity: An experimental approach in the health and retirement study
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DOI：
10.1162/003355397555280
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发表时间：
1997-05-01
影响因子：
13.7
通讯作者：
Shapiro, MD
中科院分区：
文献类型：
--
作者：
Barsky, RB;Juster, FT;Shapiro, MD
本文报告的措施有关的风险承受能力，时间偏好和跨期替代的偏好参数。这些措施是基于调查的假设情况下使用经济理论家的基本参数的概念构建的反应。偏好参数的个体测量显示异质性。估计的风险承受能力和跨期替代弹性在个体之间基本上是不相关的。测量的风险承受能力与风险行为呈正相关，包括吸烟，饮酒，没有保险，持有股票而不是国库券。这些关系在统计和定量上都很重要，尽管测量的风险承受能力只能解释所研究行为变化的一小部分。
This paper reports measures of preference parameters relating to risk tolerance, time preference, and intertemporal substitution. These measures are based on survey responses to hypothetical situations constructed using an economic theorist's concept of the underlying parameters. The individual measures of preference parameters display heterogeneity. Estimated risk tolerance and the elasticity of intertemporal substitution are essentially uncorrelated across individuals. Measured risk tolerance is positively related to risky behaviors, including smoking, drinking, failing to have insurance, and holding stocks rather than Treasury bills. These relationships are both statistically and quantitatively significant, although measured risk tolerance explains only a small fraction of the variation of the studied behaviors.