Risk preferences, time preferences, and smoking behavior

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dc.contributor.author Harrison, Glenn W.
dc.contributor.author Hofmeyr, Andre
dc.contributor.author Ross, Don
dc.contributor.author Swarthout, J. Todd
dc.date.accessioned 2018-11-15T14:49:43Z
dc.date.available 2018-11-15T14:49:43Z
dc.date.issued 2018-08-10
dc.identifier.citation Harrison, G. W., Hofmeyr, A., Ross, D. and Swarthout, J. T. (2018) 'Risk Preferences, Time Preferences, and Smoking Behavior', Southern Economic Journal, 85(2), pp. 313-348. doi: 10.1002/soej.12275 en
dc.identifier.volume 85 en
dc.identifier.issued 2 en
dc.identifier.startpage 313 en
dc.identifier.endpage 348 en
dc.identifier.issn 0038-4038
dc.identifier.uri http://hdl.handle.net/10468/7117
dc.identifier.doi 10.1002/soej.12275
dc.description.abstract There is a rich theoretical literature in economics which models habit‐forming behaviors, of which addiction is the exemplar, but there is a paucity of experimental economic studies eliciting and comparing the preferences that economic theory suggests may differ between addicts and nonaddicts. We evaluate an incentive‐compatible risk and time preference experiment conducted on a sample of student smokers and nonsmokers at the University of Cape Town in 2012. We adopt a full information maximum likelihood statistical framework, which is consistent with the data generating processes proposed by structural theories and accounts for subject errors in decision making, to explore the relationship between risk preferences, time preferences, and addiction. Across different theories and econometric specifications, we find no differences in the risk preferences of smokers and nonsmokers but do find that smokers discount significantly more heavily than nonsmokers. We also identify a nonlinear effect of smoking intensity on discounting behavior and find that smoking intensity increases the likelihood of discounting hyperbolically, which means heavier smokers may be more prone to time inconsistency and more recalcitrant to treatment. These results highlight the importance of the theory‐experimental design‐econometric trinity and have important implications for theories of addiction. en
dc.format.mimetype application/pdf en
dc.language.iso en en
dc.publisher Wiley en
dc.relation.uri https://onlinelibrary.wiley.com/doi/abs/10.1002/soej.12275
dc.rights © 2018 by the Southern Economic Association. This is the peer reviewed version of the following article: Harrison, G. W., Hofmeyr, A. , Ross, D. and Swarthout, J. T. (2018), Risk Preferences, Time Preferences, and Smoking Behavior. Southern Economic Journal, 85: 313-348, which has been published in final form at https://doi.org/10.1002/soej.12275. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. en
dc.subject Smoking en
dc.subject Discount rates en
dc.subject Risk aversion en
dc.subject Time inconsistency en
dc.subject Addiction en
dc.subject I1 en
dc.subject D81 en
dc.subject D91 en
dc.title Risk preferences, time preferences, and smoking behavior en
dc.type Article (peer-reviewed) en
dc.internal.authorcontactother Don Ross, Philosophy, University College Cork, Cork, Ireland. +353-21-490-3000 Email: don.ross@ucc.ie en
dc.internal.availability Full text available en
dc.check.info Access to this article is restricted until 24 months after publication by request of the publisher en
dc.check.date 2020-08-10
dc.date.updated 2018-11-15T14:33:43Z
dc.description.version Accepted Version en
dc.internal.rssid 461957897
dc.contributor.funder University of Capetown en
dc.contributor.funder American Cancer Society en
dc.description.status Peer reviewed en
dc.identifier.journaltitle Southern Economic Journal en
dc.internal.copyrightchecked No !!CORA!! en
dc.internal.licenseacceptance Yes en
dc.internal.IRISemailaddress don.ross@ucc.ie en

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