Intertemporal stability of survey-based measures of risk and time preferences over a three-year course
Abstract
Given the importance of risk and time preferences for economics and other disciplines, we seek to examine the intertemporal stability of six related survey-based measures. Using a panel of subjects over three waves, between 2013 and 2015, we find aggregate and individual stability over the examined period for four of these measures (Patience, Risk, Risk Investment, and the Domain-Specific Risk-Taking scale) while only for Impulsiveness we observe significant patterns of instability, both individually and collectively. Our results contribute to the discussion on the wider adoption of survey-based measures, especially considering the ease with which such measures can be incorporated in large-scale surveys.
Andreas C. Drichoutis
Associate Professor of Consumer Behavior
His research interests are focused on decision making across a broad spectrum of topics pertinent to agricultural/food economics. His contributions are notably diversified spanning the area of contingent valuation and experimental auctions methods, choice under risk, inter-temporal decision making and applied demand analysis. Most of his research applies experimental economics methods to answer questions relevant to agricultural economists and decision scientists.