The DOI matches its Crossref record; 48 of the 53 references it cites were found in a registry or an index.
Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study
Abstract
This paper reports measures of preference parameters relating to risk tolerance, time preference, and intertemporal substitution. These measures are based on survey responses to hypothetical situations constructed using an economic theorist's concept of the underlying parameters. The individual measures of preference parameters display heterogeneity. Estimated risk tolerance and the elasticity of intertemporal substitution are essentially uncorrelated across individuals. Measured risk tolerance is positively related to risky behaviors, including smoking, drinking, failing to have insurance, and holding stocks rather than Treasury bills. These relationships are both statistically and quantitatively significant, although measured risk tolerance explains only a small fraction of the variation of the studied behaviors.
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“However, measures of risk tolerance only explain a small fraction of the variation in risky behaviors.”
From Personality Psychology and Economics (2011) · cites this paper as Barsky, Juster, Kimball et al. [1997]
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Metadata
- Authors
- Barsky, R. B., Juster, F. T., Kimball, M. S., & Shapiro, M. D.
- Affiliations
- National Bureau of Economic Research (US)
- ORCID
- Kimball, M. S.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1997-05-01
- Volume
- 112
- Issue
- 2
- Pages
- 537-579
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2137296414
- Cited by
- 2,400
- References
- 53
- Citations by year
- 2026: 47 · 2025: 81 · 2024: 105 · 2023: 81 · 2022: 91 · 2021: 91 · 2020: 92 · 2019: 118 · 2018: 107 · 2017: 94 · 2016: 118 · 2015: 124 · 2014: 99 · 2013: 141 · 2012: 121
- FWCI
- 12.84
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- The Quarterly Journal of Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- HighWire Press Open Archive (submittedVersion)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Literacy, Pension, Retirement Analysis
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Experimental Behavioral Economics Studies
- Keywords
- risk tolerance, time preference, intertemporal elasticity of substitution, preference heterogeneity, risk-taking, smoking, alcohol consumption, insurance coverage, stock holdings, Health and Retirement Study
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