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Intertemporal stability of survey-based measures of risk and time preferences

Drichoutis, Andreas C. and Vassilopoulos, Achilleas (2016): Intertemporal stability of survey-based measures of risk and time preferences.

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Abstract

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 remarkably high aggregate stability over the examined period in all six measures while we observe significant patterns of instability at the individual level. 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.

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