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Intertemporal stability of survey‐based measures of risk and time preferences
Author(s) -
Drichoutis Andreas C.,
Vassilopoulos Achilleas
Publication year - 2021
Publication title -
journal of economics and management strategy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.672
H-Index - 68
eISSN - 1530-9134
pISSN - 1058-6407
DOI - 10.1111/jems.12441
Subject(s) - patience , scale (ratio) , economics , stability (learning theory) , actuarial science , investment (military) , econometrics , time preference , survey data collection , psychology , computer science , microeconomics , statistics , social psychology , mathematics , geography , cartography , machine learning , politics , political science , law
Given the importance of risk and time preferences for economics and other disciplines, we seek to examine the intertemporal stability of six related survey‐based measures. Using a panel of subjects over three waves, between 2013 and 2015, we find aggregate and individual stability over the examined period for four of these measures (Patience, Risk, Risk Investment, and the Domain‐Specific Risk‐Taking scale) while only for Impulsiveness we observe significant patterns of instability, both individually and collectively. Our results contribute to the discussion on the wider adoption of survey‐based measures, especially considering the ease with which such measures can be incorporated in large‐scale surveys.