Does age affect the relation between risk and time preferences? Evidence from a representative sampleJournal articleZexuan Wang, Ismael Rafai et Marc Willinger, Southern Economic Journal, Volume 90, Issue 2, pp. 341-368, 2023

We examine the links between age, risk tolerance, and impatience in a large French representative sample. We combine elicited preferences data based on an incentivized web experiment and stated preferences data based on self-reported surveys. Our findings highlight distinct patterns: when considering stated preferences, both risk tolerance and impatience exhibit a decline with age. Higher risk tolerance is associated with higher impatience, and this relationship strengthens with age in the financial domain. In contrast, our analysis of elicited measures uncovers a different dynamic. Specifically, risk tolerance tends to increase with age, while age exhibits no significant influence on impatience. Furthermore, individuals endowed with higher risk tolerance tend to demonstrate lower levels of impatience, irrespective of their age.

Stated preferences outperform elicited preferences for predicting reported compliance with Covid-19 prophylactic measuresJournal articleIsmael Rafai, Thierry Blayac, Dimitri Dubois, Sebastien Duchêne, Phu Nguyen-Van, Bruno Ventelou et Marc Willinger, Journal of Behavioral and Experimental Economics, Volume 107, pp. 102089, 2023

This article studies the behavioral and socio-demographic determinants of reported compliance with prophylactic measures against COVID-19: barrier gestures, lockdown restrictions and mask wearing. The study contrasts two types of measures for behavioral determinants: experimentally elicited preferences (risk tolerance, time preferences, social value orientation and cooperativeness) and stated preferences (risk tolerance, time preferences, and the GSS trust question). Data were collected from a representative sample of the inland French adult population (N=1154) surveyed during the first lockdown in May 2020, and the experimental tasks were carried out on-line. The in-sample and out-of-sample predictive power of several regression models - which vary in the set of variables that they include - are studied and compared. Overall, we find that stated preferences are better predictors of compliance with these prophylactic measures than preferences elicited through incentivized experiments: self-reported level of risk, patience and trust are predicting compliance, while elicited measures of risk-aversion, patience, cooperation and prosociality did not.

Nudging for lockdown: behavioural insights from an online experimentJournal articleThierry Blayac, Dimitri Dubois, Sebastien Duchêne, Phu Nguyen-Van, Ismael Rafai, Bruno Ventelou et Marc Willinger, Social Psychology, Volume 53, Issue 3, pp. 133-151, 2022

We test the effectiveness of a social comparison nudge (SCN) to enhance lockdown compliance during the COVID-19 pandemic using a French representative sample (N = 1,154). Respondents were randomly assigned to a favorable/unfavorable informational feedback (daily road traffic mobility patterns, in Normandy - a region of France) on peer lockdown compliance. Our dependent variable was the intention to comply with a possible future lockdown. We controlled for risk, time, and social preferences and tested the effectiveness of the nudge. We found no evidence of the effectiveness of the SCN among the whole French population, but the nudge was effective when its recipient and the reference population shared the same geographical location (Normandy). Exploratory results on this subsample (N = 52) suggest that this effectiveness could be driven by noncooperative individuals.

Les attendus d’une approche d’économie comportementale pour les décisions individuelles face à la pandémie de COVID-19 : succès et déceptionsJournal articleThierry Blayac, Dimitri Dubois, Sebastien Duchêne, Phu Nguyen-Van, Ismael Rafai, Bruno Ventelou et Marc Willinger, médecine/sciences, Volume 38, Issue 6-7, pp. 594-599, 2022

Dans le cadre du premier appel à projet « Flash-COVID-19 » de l’Agence nationale de la recherche, nous avons mobilisé des méthodes récentes de l’économie comportementale afin de mieux comprendre les décisions des individus face à la crise sanitaire due à la pandémie de COVID-19 (<i>coronavirus disease 2019<i/>) et d’identifier les paramètres pouvant influencer le respect des mesures sanitaires. Cet article introduit brièvement l’économie comportementale, présente un compte rendu des attendus du projet CONFINOBS (Observance et observation des mesures barrières et du confinement : une approche d’économie comportementale) et de ses méthodes, puis il propose une synthèse des résultats obtenus.