Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam

Tanaka, Tomomi, Colin F. Camerer, and Quang Nguyen. 2010. "Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam." American Economic Review, 100(1): 557-71.

American Economic Review, Vol. 100, No. 1, 2010

Posted: 3 Jul 2013

See all articles by Tomomi Tanaka

Tomomi Tanaka

The World Bank

Colin Camerer

California Institute of Technology - Division of the Humanities and Social Sciences

Quang Nguyen

Nanyang Technological University (NTU)

Date Written: March 3, 2010

Abstract

We conducted experiments in Vietnamese villages to determine the predictors of risk and time preferences. In villages with higher mean income, people are less loss-averse and more patient. Household income is correlated with patience but not with risk. We expand measurements of risk and time preferences beyond expected utility and exponential discounting, replacing those models with prospect theory and a three-parameter hyperbolic discounting model. Comparable risk parameter estimates have been found for Chinese farmers, using our method.

Keywords: Risk and time preferences, experiment, Vietnam Risk and Time Preferences, Linking Experimental and Household Survey Data from Vietnam

JEL Classification: C83, D12, O12, P38

Suggested Citation

Tanaka, Tomomi and Camerer, Colin F. and Nguyen, Quang, Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam (March 3, 2010). Tanaka, Tomomi, Colin F. Camerer, and Quang Nguyen. 2010. "Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam." American Economic Review, 100(1): 557-71., American Economic Review, Vol. 100, No. 1, 2010, Available at SSRN: https://ssrn.com/abstract=2289057

Tomomi Tanaka

The World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Colin F. Camerer

California Institute of Technology - Division of the Humanities and Social Sciences ( email )

1200 East California Blvd.
Pasadena, CA 91125
United States
626-395-4054 (Phone)
626-432-1726 (Fax)

Quang Nguyen (Contact Author)

Nanyang Technological University (NTU) ( email )

S3 B2-A28 Nanyang Avenue
Singapore, 639798
Singapore

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