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Does age affect the relation between risk and time preferences? Evidence from a representative sample

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  • Zexuan Wang
  • Ismaël Rafaï
  • Marc Willinger

Abstract

We examine the links between age, risk tolerance, and impatience in a large French representative sample. We combine elicited preferences data based on an incentivized web experiment and stated preferences data based on self‐reported surveys. Our findings highlight distinct patterns: when considering stated preferences, both risk tolerance and impatience exhibit a decline with age. Higher risk tolerance is associated with higher impatience, and this relationship strengthens with age in the financial domain. In contrast, our analysis of elicited measures uncovers a different dynamic. Specifically, risk tolerance tends to increase with age, while age exhibits no significant influence on impatience. Furthermore, individuals endowed with higher risk tolerance tend to demonstrate lower levels of impatience, irrespective of their age.

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  • Zexuan Wang & Ismaël Rafaï & Marc Willinger, 2023. "Does age affect the relation between risk and time preferences? Evidence from a representative sample," Southern Economic Journal, John Wiley & Sons, vol. 90(2), pages 341-368, October.
    • Handle: RePEc:wly:soecon:v:90:y:2023:i:2:p:341-368
    DOI: 10.1002/soej.12662
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    2. Kunt Šimunović, Pınar, 2024. "Education increases patience: Evidence from a change in a compulsory schooling law," Economics & Human Biology, Elsevier, vol. 53(C).

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