TY - JOUR T1 - Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the HRS JF - Quarterly Journal of Economics Y1 - 1997 A1 - Barsky, Robert A1 - Miles S Kimball A1 - Juster, F. Thomas A1 - Matthew D. Shapiro KW - End of life decisions KW - Health Conditions and Status KW - Retirement Planning and Satisfaction AB - 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. PB - 112 VL - 112 UR - https://www.researchgate.net/publication/5193188_Preference_Parameters_and_Behavioral_Heterogeneity_An_Experimental_Approach_in_the_Health_and_Retirement_Survey IS - May U4 - Criteria for Decision Making under Risk and Uncertainty/Health Production--Nutrition, Mortality, Morbidity, Disability, and Economic Behavior/Retirement/Retirement Policies/Health/Retirement/Smoking ER -