Estimation of Utility Function Based on Questionnaire Survey

我们的项目旨在估计偏好参数。在第一年，我们讨论了项目的大纲，如适当的问卷调查方法和经济实验。从2002年开始，我们建立了基于问卷调查的面板数据。2003年，我们在大阪大学、立命馆大学和早稻田大学进行了风险厌恶和时间偏好的实验，同时对被试进行了问卷调查。这使我们能够分析他们的风险厌恶和时间偏好之间的联系，以及他们的属性，并比较实验和调查结果。一项针对早稻田大学（Waseda University）商科学生的实验表明，他们厌恶风险。2004年，为了找出这种风险厌恶态度是否源于他们对金融理论的了解，我们对其他系的学生进行了额外的实验。本实验也在上海复旦大学进行跨国研究，检验货币激励对经济实验的重要性。还进行了输与得实验，以检验卡尼曼的损失厌恶理论和框架效应。我们根据这些结果写了论文。在时间偏好实验中，我们发现了双曲折现。在风险厌恶实验中，我们发现人们在彩票中奖概率较低时倾向于风险偏好，而在彩票中奖概率较高时倾向于风险厌恶。结合两个实验的结果，我们发现时间贴现与风险厌恶之间存在负相关关系。在对幸福感的分析中，我们发现人们的时间偏好和风险厌恶程度越高，他们的幸福感就越低。这些研究结果在会议和我们的网站上发表。

Our project aims to estimate preference parameters. In the first year, we discussed the outline of the project, such as appropriate method for questionnaire surveys and economic experiments. Since 2002, we have built up a panel data based on questionnaire surveys. In 2003, we conducted experiments to estimate risk aversion and time preference at Osaka, Ritsumeikan and Waseda University, and at the same time conducted questionnaire surveys on the subjects. This enabled us to analyze the connection between their risk aversion and time preference, and their attributes, as well as to compare experiment and survey results. An experiment on students in the commerce department of Waseda University reveals that they are risk averse. In 2004, to find out if this risk averse attitude is due to their knowledge on finance theory, we conducted an additional experiment on students from other departments. This experiment was also held at Fudan University in Shanghai for cross national study and to check the importance of monetary incentive on an economic experiment. Loss-and-Gain experiments to check the Kahneman's theory of loss-aversion and framing effect were also held. We wrote papers based on these results. Regarding time preference experiments, we discovered hyperbolic discounting. As for risk aversion experiments, we indicated that people tend to be risk loving in low win probability in the lottery and become risk averse in higher probability. By combining the results of two experiments, we found a negative correlation between time discounting and risk aversion. In analysis of happiness, we found that the higher degree of time preference and risk aversion people have, the less happier they are. These research results are presented in conferences and on our website.