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Individual time preferences for own health: an application of a dichotomous choice question with follow-up

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  • Marjon Vanr De Pol
  • John Cairns

Abstract

This paper explores the use of the dichotomous choice question with follow-up to examine intertemporal preferences for non-fatal changes in own health. Maximum likelihood estimation by censored logistic regression is used to analyse the data collected from the general public. The results show that the average estimated implied discount rate is equal to 0.073 for the full sample and 0.106 for respondents who have positive implied discount rates in the open-ended questions which were also contained in the questionnaire. The implied discount rates vary from 0.024 to 0.166 depending onthe age of the respondent andthe periodof delay offered(5 or 13 years).

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  • Marjon Vanr De Pol & John Cairns, 1999. "Individual time preferences for own health: an application of a dichotomous choice question with follow-up," Applied Economics Letters, Taylor & Francis Journals, vol. 6(10), pages 649-654.
    • Handle: RePEc:taf:apeclt:v:6:y:1999:i:10:p:649-654
    DOI: 10.1080/135048599352439
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    Cited by:

    1. Galizzi, Matteo M. & Miraldo, Marisa & Stavropoulou, Charitini & van der Pol, Marjon, 2016. "Doctor–patient differences in risk and time preferences: A field experiment," Journal of Health Economics, Elsevier, vol. 50(C), pages 171-182.
    2. Stefan A. Lipman & Arthur E. Attema, 2024. "A systematic review of unique methods for measuring discount rates," Journal of Risk and Uncertainty, Springer, vol. 69(2), pages 145-189, October.
    3. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
    4. Tatiana Kossova & Elena Kossova & Maria Sheluntcova, 2014. "Estimating the Relationship Between Rate of Time Preferences And Socio-Economic Factors In Russia," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 39-68.
    5. Tu, Q., 2005. "Empirical analysis of time preferences and risk aversion," Other publications TiSEM 01bd1b38-5741-4f44-8996-7, Tilburg University, School of Economics and Management.
    6. Vasquez-Lavín, Felipe & Ponce Oliva, Roberto D. & Hernández, José Ignacio & Gelcich, Stefan & Carrasco, Moisés & Quiroga, Miguel, 2019. "Exploring dual discount rates for ecosystem services: Evidence from a marine protected area network," Resource and Energy Economics, Elsevier, vol. 55(C), pages 63-80.
    7. K. R. Shanmugam, 2011. "Discount Rate for Health Benefits and the Value of Life in India," Working Papers id:4524, eSocialSciences.

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