Trust under the Prospect Theory and Quasi-Hyperbolic Preferences: A Field Experiment in Vietnam
在越南村庄开展实地实验，检验前景理论和准双曲时间偏好参数对信任和可信度的影响，发现风险厌恶、损失厌恶和现时偏向不影响信任者决策，但时间贴现和概率加权有区域差异；受托人的风险厌恶和现时偏向影响回报比例。
We conduct a field experiment in Vietnamese villages to explore the effect of the prospect theory and of quasi-hyperbolic time preferences parameters on trust and trustworthiness. We find that risk aversion, loss aversion, and present bias do not influence trustors’ decisions, but higher time discounting increases the amount sent to trustees in the south of Vietnam and probability weighting decreases it in the north. If time discounting and loss aversion do not influence trustworthiness, we show that more risk-averse and less present-biased trustees return a higher share of their wealth to the trustors. These results suggest that adopting a perspective other than the expected utility theory and the exponential-discounting approach of time preferences enables one to uncover some channels by which risk and intertemporal time preferences influence trusting behavior in societies.