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Updated: Oct 23, 2025

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
On the stability of risk and time preferences amid the COVID-19 pandemic
Andreas C Drichoutis1, Rodolfo M Nayga2
1Department of Agricultural Economics and Rural Development, School of Applied Economics and Social Sciences, Agricultural University of Athens, Iera Odos 75, 11855 Athens, Greece.
Abstract:
We elicited incentivized measures of risk and time preferences from a sample of undergraduate students in Athens, Greece, in waves that preceded and overlapped with the COVID-19 pandemic. We exploited the timing of several events that occurred in the course of the pandemic (e.g., first occurrence of cases and deaths, curfew, relaxation of curfew etc.) and estimated structural parameters for various theories of risk and time preferences comparing these with pre-pandemic estimates. We find no effect between the different waves or other key events of the pandemic, despite the fact that we have about 1000 responses across all waves. Overall, our subjects exhibit intertemporal stability of risk and time preferences despite the significant effect of the COVID-19 pandemic on public health and the global economy.
Supplementary Information:
The online version contains supplementary material available at 10.1007/s10683-021-09727-6.
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