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

Author

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  • Xavier Gassmann

    (BSB - Burgundy School of Business (BSB) - ESC Dijon-Bourgogne, CEREN - Centre de Recherche sur les Entreprises - BSB - Burgundy School of Business (BSB) - ESC Dijon-Bourgogne)

  • Thomas Meissner
  • Corinne Faure
  • Joachim Schleich

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

  • Xavier Gassmann & Thomas Meissner & Corinne Faure & Joachim Schleich, 2023. "Individual characteristics associated with risk and time preferences: A multi country representative survey," Post-Print hal-05846044, HAL.
    • Handle: RePEc:hal:journl:hal-05846044
    DOI: 10.1007/s11166-022-09383-y
    as

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