. Author manuscript; available in PMC: 2019 Jun 26.

Published in final edited form as: J Risk Uncertain. 2018 Oct 25;57(2):177–198. doi: 10.1007/s11166-018-9289-z

Table 4.

Estimated discount factors and preference parameters

Parameters	Estimated coefficients	Standard errors
δ (Exponential Discount Factor)	0.88	0.27
β (Hyperbolic Discount Factor/Present Bias)	0.38	0.11
β (Naivete)	1.00	0.31
α (Intercept of Instantaneous Utility Function)	−1.33	0.29
α₁ (Coefficient for Bad Health in Instantaneous Utility Function)	−0.37	0.035
α₂ (Coefficient for Income in Instantaneous Utility Function)	1.13	0.056

Notes: All parameter estimates are statistically significant p < 0.01