Imputing Risk Tolerance from Survey Responses

Miles S. Kimball, Claudia R. Sahm, Matthew D. Shapiro

NBER Working Paper No. 13337
Issued in August 2007

---- Acknowledgements -----

We are grateful to Dan Benjamin, John Bound, Yuriy Gorodnichenko, John Laitner, Atsushi Inoue, Lutz Kilian, Tyler Shumway, Martha Starr-McCluer, Serena Ng, Gary Solon, seminar participants at Osaka University, and anonymous referees for helpful comments. Kimball and Shapiro gratefully acknowledge the support of National Institute on Aging grants 2-P01-AG10179 and 5-R01-AG020638. Sahm gratefully acknowledges the support of a NIA Pre-Doctoral Training Fellowship and an Innovation in Social Research Award from the University of Michigan Institute for Social Research. The views presented are solely those of the authors and do not necessarily represent those of the Federal Reserve Board or its staff or of the National Bureau of Economic Research. This paper subsumes an earlier working paper by Kimball and Shapiro, "Estimating a Cardinal Attribute from Ordered Categorical Responses Subject to Noise."

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