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]
Citations
Cites
Prospect Theory: An Analysis of Decision under Risk
Kahneman, D., & Tversky, A. (1979) · Econometrica · doi:10.2307/1914185 · Cited by 48,524
Prospect theory: An analysis of decision under risk
Kahneman, D. J., & Tversky, A. (1988) · Cambridge University Press eBooks · doi:10.1017/cbo9780511609220.014 · Cited by 32,720
Judgment under Uncertainty: Heuristics and Biases
Tversky, A., & Kahneman, D. (1975) · Utility, Probability, and Human Decision Making · doi:10.1007/978-94-010-1834-0_8 · Cited by 22,650
The Framing of Decisions and the Psychology of Choice
Tversky, A., & Kahneman, D. (1981) · Science · doi:10.1126/science.7455683 · Cited by 18,497
Status quo bias in decision making
Samuelson, W., & Zeckhauser, R. (1988) · Journal of Risk and Uncertainty · doi:10.1007/bf00055564 · Cited by 5,897
Mehra, R., & Prescott, E. C. (1985) · Journal of Monetary Economics · doi:10.1016/0304-3932(85)90061-3 · Cited by 5,764
Judgment Under Uncertainty: Heuristics and Biases.
Shafer, G. R., Kahnerman, D., Slovic, P., & Tversky, A. (1984) · Journal of the American Statistical Association · doi:10.2307/2288362 · Cited by 5,658
By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior
Campbell, J. Y., & Cochrane, J. H. (1999) · Journal of Political Economy · doi:10.1086/250059 · Cited by 5,210
Epstein, L. G., & Zin, S. E. (1989) · Econometrica · doi:10.2307/1913778 · Cited by 4,046
Theory of the Consumption Function
Friedman, M. (1957) · doi:10.1515/9780691188485 · Cited by 3,335
Research works printed but not linked: 7
- Barsky Robert B, 1989, American Economic Review, 1132
- 10.2466/PR0.69.7.1047-1057 · DOI
- Grossman Sanford, 1981, American Economic Review, 222
- Kahneman Daniel, 1981, Science, 453
- Loewenstein George, 1991, American Economic Review Papers and Proceedings, 347
- 1972, Journal of Personality and Social Psychology, 128
- Viscusi W. Kip, 1990, American Economic Review, 353
Cited by
Sorted by citations
Loewenstein, G. F., Weber, E. U., Hsee, C. K., & Welch, N. (2001) · Psychological Bulletin · doi:10.1037/0033-2909.127.2.267 · Cited by 5,955
Boys will be Boys: Gender, Overconfidence, and Common Stock Investment
Barber, B. M., & Odean, T. (2001) · The Quarterly Journal of Economics · doi:10.1162/003355301556400 · Cited by 5,276
INDIVIDUAL RISK ATTITUDES: MEASUREMENT, DETERMINANTS, AND BEHAVIORAL CONSEQUENCES
Dohmen, T., Falk, A., Huffman, D., Sunde, U., Schupp, J., & Wagner, G. G. (2011) · Journal of the European Economic Association · doi:10.1111/j.1542-4774.2011.01015.x · Cited by 3,982
Financial literacy and stock market participation
van Rooij, M., Lusardi, A., & Alessie, R. (2011) · Journal of Financial Economics · doi:10.1016/j.jfineco.2011.03.006 · Cited by 3,554
Understanding differences in health behaviors by education
Cutler, D. M., & Lleras-Muney, A. (2010) · Journal of Health Economics · doi:10.1016/j.jhealeco.2009.10.003 · Cited by 1,920
“The HRS in 2002 asked hypothetical questions that allow for categorization of individuals into 4 risk aversion categories (Barsky et al., 1997).”
Background
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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