Journal
INTERNATIONAL ECONOMIC REVIEW
Volume 50, Issue 4, Pages 1169-1182Publisher
WILEY-BLACKWELL PUBLISHING, INC
DOI: 10.1111/j.1468-2354.2009.00564.x
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Measuring time and risk preferences and relating them to economic behaviors are important topics in behavioral economics. We developed a new method to simultaneously measure the rate of time preference and the coefficient of risk aversion. Analyzing the individual-level relationships between preference parameters and cigarette smoking, we conclude that current smokers are more impatient and risk-prone than nonsmokers. Heavy smokers are the most impatient and risk-prone, whereas ex-smokers are the most patient and risk-averse. Among nonsmokers, neither age-related nor gender-related differences were found. On the other hand, risk and time preferences are significantly different according to age and gender for smokers.
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