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The Heritability of Economic Preferences
We study the heritability of risk, uncertainty, and time preferences using a field experiment with a large sample of adult twins. We also offer a meta-analysis of existing findings. Our field study introduces a novel empirical approach that marries behavioral genetics with structural econometrics. This allows us to, for the first time, quantify the heritability of economic preference parameters directly without employing proxy measures. Our incentive-compatible experiment is the first twin study to elicit all three types of preferences for the same individual. Compared to previous studies, we find a greater role of genes in explaining risk and uncertainty preferences, and of the shared familial environment in explaining time preferences. Time preferences appear more important from policy and parenting perspectives since they exhibit limited genetic variation and are more than twice as sensitive to the familial environment as risk and uncertainty preferences.
Models of Risk Preferences
Models of Risk Preferences collects studies that critically review alternatives to Expected Utility Theory from the perspective of experimental economics.
The Use of Alternative Preference Elicitation Methods in Complex Discrete Choice Experiments
We analyse stated preference data over nursing jobs collected from two leading types of best-worst discrete choice experiments (DCEs): a traditional DCE involving choice over alternative jobs (BWL) and a newly-developed DCE where respondents choose best and worst job attributes (BWT). The latter allows identification of additional utility parameters and is believed to be cognitively easier. Results suggest that respondents place greater value on pecuniary over non-pecuniary gains in traditional DCE. Rather than caused by the use of heuristics in BWL, we find that respondents find it difficult and/or are reluctant to directly compare money with other attributes in BWT.
Global Excellence in Cellular Neuropathology: Ukraine
Global collaboration is the cornerstone of scientific advancement. Frontiers in Cellular Neuroscience has organized a series of special edition Research Topics, with the goal of highlighting the latest advancements in Neuropathology across the globe, showcasing the academic excellence and high-quality work of internationally recognized researchers. These collections aim to shed light on the recent progress made across the entire breadth of the Cellular Neuropathology field and reflect on the future challenges faced by researchers across borders.
A New Condition for Pooling States in Multinomial Logit
The Cramer-Ridder test is a popular procedure for testing if some outcome states can be pooled into one state in the multinomial logit model. This note shows that, in the presence of binary regressors, the test is overly stringent and poolability may not be tested unambiguously.
Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment
Longitudinal experiments allow one to evaluate the temporal stability of latent preferences, but raise concerns about sample selection and attrition that may confound inferences about temporal stability. We evaluate the hypothesis of temporal stability in risk preferences using a remarkable data set that combines socio-demographic information from the Danish Civil Registry with information on risk attitudes from a longitudinal field experiment. Our experimental design builds in explicit randomization on the incentives for participation. The results show that the use of different participation incentives can affect sample response rates and help identify the effects of selection. Correcting for endogenous sample selection and panel attrition changes inferences about risk preferences in an economically and statistically significant manner. Estimates of risk preferences change with these corrections. In general we find evidence consistent with temporal stability of risk preferences when one corrects for selection and attrition.
Handbook of Choice Modelling
This thoroughly revised second edition Handbook provides an authoritative and in-depth overview of choice modelling, covering essential topics range from data collection through model specification and estimation to analysis and use of results. It aptly emphasises the broad relevance of choice modelling when applied to a multitude of fields, including but not limited to transport, marketing, health and environmental economics.
Stated Preferences Over Job Characteristics
When making choices over jobs with different characteristics, what trade-offs are decision-makers willing to make? Such a question is difficult to address using typical household surveys that provide a limited amount of information on the attributes of the jobs. To address this question, a small but growing number of studies have turned to the use of stated preference experiments; but the extent to which stated choices by respondents reflect systematic trade-offs across job characteristics remains an open question. We use two popular types of experiments (profile case best-worst scaling and multi-profile case best-worst scaling) to elicit job preferences of nursing students and junior nurses...
