Table 3.

Estimates of risk and time parameters.

	Pooled sample	Urban	Rural
Time preference ($\delta$)	0.882***	0.955***	0.829***
	(0.17)	(0.20)	(0.27)
Present bias ($\beta$)	0.800***	0.820***	0.776***
	(0.03)	(0.03)	(0.04)
Utility curvature ($\sigma$)	0.284***	0.331***	0.251***
	(0.01)	(0.02)	(0.02)
Probability weighting ($\alpha$)	0.304***	0.340***	0.263***
	(0.05)	(0.05)	(0.08)
Loss aversion ($\lambda$)	2.354***	1.637***	3.097***
	(0.16)	(0.18)	(0.29)
Observations	15,106	6,006	9,100
Tests	p-value
H0: $\alpha$ =1	0.000	0.000	0.000
H0: $\lambda$ =1	0.000	0.000	0.000
H0: $\beta$ =1	0.000	0.000	0.000

Parentheses in parentheses are standard errors clustered at the individual level. *** p < 0.01, ** p < 0.05, and * p < 0.1.