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Individual characteristics associated with risk and time preferences: A multi country representative survey

Author

Listed:
  • Thomas Meissner

    (Maastricht University, School of Business and Economics)

  • Xavier Gassmann

    (CEREN, EA 7477, Burgundy School of Business - Universite Bourgogne Franche-Comte)

  • Corinne Faure

    (Grenoble Ecole de Management)

  • Joachim Schleich

    (Grenoble Ecole de Management
    Fraunhofer Institute for Systems and Innovation Research)

Abstract

This paper empirically analyzes how individual characteristics are associated with risk aversion, loss aversion, time discounting, and present bias. To this end, we conduct a large-scale demographically representative survey across eight European countries. We elicit preferences using incentivized multiple price lists and jointly estimate preference parameters to account for their structural dependencies. Our findings suggest that preferences are linked to a variety of individual characteristics such as age, gender, and income as well as some personal values. We also report evidence on the relationship between cognitive ability and preferences. Incentivization, stake size, and the order of presentation of binary choices matter, underlining the importance of controlling for these factors when eliciting economic preferences.

Suggested Citation

  • Thomas Meissner & Xavier Gassmann & Corinne Faure & Joachim Schleich, 2023. "Individual characteristics associated with risk and time preferences: A multi country representative survey," Journal of Risk and Uncertainty, Springer, vol. 66(1), pages 77-107, February.
  • Handle: RePEc:kap:jrisku:v:66:y:2023:i:1:d:10.1007_s11166-022-09383-y
    DOI: 10.1007/s11166-022-09383-y
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    4. Cynthia Nneka Olumba & Guy Garrod & Francisco Jose Areal, 2024. "Time Preferences, Land Tenure Security, and the Adoption of Sustainable Land Management Practices in Southeast Nigeria," Sustainability, MDPI, vol. 16(5), pages 1-22, February.
    5. Schleich, Joachim & Gassmann, Xavier & Meissner, Thomas & Faure, Corinne, 2023. "Making the factors underlying the implicit discount rate tangible," Energy Policy, Elsevier, vol. 177(C).
    6. Masahide Watanabe & Toshio Fujimi, 2024. "Ambiguity attitudes toward natural and artificial sources in gain and loss domains," Journal of Risk and Uncertainty, Springer, vol. 68(1), pages 51-75, February.
    7. repec:jdm:journl:v:17:y:2022:i:4:p:745-767 is not listed on IDEAS
    8. Jens Rommel & Julian Sagebiel & Marieke Cornelia Baaken & Jesús Barreiro‐Hurlé & Douadia Bougherara & Luigi Cembalo & Marija Cerjak & Tajana Čop & Mikołaj Czajkowski & María Espinosa‐Goded & Julia Höh, 2023. "Farmers' risk preferences in 11 European farming systems: A multi‐country replication of Bocquého et al. ()," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 45(3), pages 1374-1399, September.

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