2022/04/28 by Thomas Meißner, Meissner, Thomas, Xavier Gassmann +5 · 1 citation
Decision Sciences · #Decision-Making and Behavioral Economics #FOS: Economics and business #General Economics (econ.GN)
paper · pdf · doi:10.48550/arxiv.2204.13664
openalex publication_date 2022/04/28 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
This paper empirically analyzes how individual characteristics are associated with risk aversion, loss aversion, time discounting, and present bias. To this end, we conduct a large-scale demographically representative survey across eight European countries. We elicit preferences using incentivized multiple price lists and jointly estimate preference parameters to account for their structural dependencies. Our findings suggest that preferences are linked to a variety of individual characteristics such as age, gender, and income as well as some personal values. We also report evidence on the relationship between cognitive ability and preferences. Incentivization, stake size, and the order of presentation of binary choices matter, underlining the importance of controlling for these factors when eliciting economic preferences.