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Simultaneous Measurement Of Time And Risk Preferences: Stated Preference Discrete Choice Modeling Analysis Depending On Smoking Behavior

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  • Takanori Ida
  • Rei Goto

Abstract

Measuring time and risk preferences and relating them to economic behaviors are important topics in behavioral economics. We developed a new method to simultaneously measure the rate of time preference and the coefficient of risk aversion. Analyzing the individual-level relationships between preference parameters and cigarette smoking, we conclude that current smokers are more impatient and risk-prone than nonsmokers. Heavy smokers are the most impatient and risk-prone, whereas ex-smokers are the most patient and risk-averse. Among nonsmokers, neither age-related nor gender-related differences were found. On the other hand, risk and time preferences are significantly different according to age and gender for smokers. Copyright © (2009) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Takanori Ida & Rei Goto, 2009. "Simultaneous Measurement Of Time And Risk Preferences: Stated Preference Discrete Choice Modeling Analysis Depending On Smoking Behavior," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 50(4), pages 1169-1182, November.
    • Handle: RePEc:ier:iecrev:v:50:y:2009:i:4:p:1169-1182
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