Individual time preferences for own health: an application of a dichotomous choice question with follow-up
AbstractThis paper explores the use of the dichotomous choice question with follow-up to examine intertemporal preferences for non-fatal changes in own health. Maximum likelihood estimation by censored logistic regression is used to analyse the data collected from the general public. The results show that the average estimated implied discount rate is equal to 0.073 for the full sample and 0.106 for respondents who have positive implied discount rates in the open-ended questions which were also contained in the questionnaire. The implied discount rates vary from 0.024 to 0.166 depending onthe age of the respondent andthe periodof delay offered(5 or 13 years).
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 6 (1999)
Issue (Month): 10 ()
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- Tatiana Kossova & Elena Kossova & Maria Sheluntcova, 2012. "Estimating the relationship between rate of time preferences and socio-economic factors in Russia," HSE Working papers WP BRP 23/EC/2012, National Research University Higher School of Economics.
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- K.R. Shanmugam, 2011. "Discount Rate for Health Benefits and the Value of Life in India," Working Papers 2011-060, Madras School of Economics,Chennai,India.
- Tu, Q., 2005. "Empirical Analysis of Time Preferences and Risk Aversion," Open Access publications from Tilburg University urn:nbn:nl:ui:12-166602, Tilburg University.
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