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

Tanaka, Tomomi and Camerer, Colin F. and Nguyen, Quang (2010) Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam. American Economic Review, 100 (1). pp. 557-571. ISSN 0002-8282. doi:10.1257/aer.100.1.557.

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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.

Item Type:Article
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Camerer, Colin F.0000-0003-4049-1871
Additional Information:© 2010 American Economic Association. This research was supported by a Behavioral Economics Small Grant from the Russell Sage Foundation, Foundation for Advanced Studies on International Development, and internal Caltech funds to author Camerer. Comments from participants at the ESA meeting (October 2005), SEA meeting (November 2005), SJDM (November 2005), ASSA meeting (January 2007), audiences at Columbia, NYU, Bocconi, Emory, Hawaii, Caltech, UCSC, Claremont McKenna, Guelph, Carleton, Arizona State, a conference at UT-Dallas, and five thoughtful anonymous referees were helpful. Thanks to our research coordinators, Phan Dinh Khoi, Huynh Truong Huy, Nguyen Anh Quan, Nguyen Mau Dung, and research assistants, Bui Thanh Sang, Nguyen The Du, Ngo Nguyen Thanh Tam, Pham Thanh Xuan, Nguyen Minh Duc, Tran Quang Trung, and Tran Tat Nhat. We also thank Nguyen The Quan of the General Statistical Office for allowing us access to the 2002 household survey data.
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Russell Sage FoundationUNSPECIFIED
Foundation for Advanced Studies on International DevelopmentUNSPECIFIED
Issue or Number:1
Classification Code:JEL Classifications: C83, D12, O12, P38
Record Number:CaltechAUTHORS:20110217-073612415
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Official Citation: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. DOI:10.1257/aer.100.1.557
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:22275
Deposited By: Tony Diaz
Deposited On:09 Mar 2011 19:36
Last Modified:09 Nov 2021 16:04

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