Lost in state space: Are preferences stable?

• 成果类型: Article
• 署名作者: Andersen, Steffen; Harrison, Glenn W.; Lau, Morten I.; Rutstroem, E. Elisabet
• 署名单位: State University System of Florida; University of Central Florida; Copenhagen Business School; Durham University
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2008.00507.x
• 发表日期: 2008
• 页码: 1091-1112
• 关键词: sample selection bias; risk-aversion; consumption; denmark; models; CHOICE; habit

摘要

We use field experiments to examine the temporal stability of risk preferences. Over a 17-month period, we elicited risk preferences from subjects chosen to be representative of the adult Danish population. During this period we revisited many of these subjects and repeated a risk aversion elicitation task. We find some variation in risk attitudes over time, but we do not detect a general tendency for risk attitudes to increase or decrease over a 17-month span. The results also suggest that risk preferences are state contingent with respect to personal finances.