reports on direct measures of preference parameters relating to risk tolerance, time preference, and intertemporal … of preference parameters display substantial heterogeneity. The majority of respondents fall into the least risk …-tolerant group, but a substantial minority display higher risk tolerance. The individual measures of intertemporal substitution and …

reports on direct measures of preference parameters relating to risk tolerance, time preference, and intertemporal … of preference parameters display substantial heterogeneity. The majority of respondents fall into the least risk …-tolerant group, but a substantial minority display higher risk tolerance. The individual measures of intertemporal substitution and …

-expected utility which clearly distinguishes between risk preference and time preference. The leverage approach yields the first moment … Carlo simulations. Preferences are modeled by time-additive expected utility and, alternatively, by recursive non …-expected utility. The empirical results for the period 1960 to 1994 confirm those for the U.S. and favour the use of recursive non …