What is your discount rate? Experimental evidence of foresters’ risk and time preferences

Table 7 Detailed model of the joint estimation of the constant relative risk aversion (CRRA) coefficient and the discount rate (N = 142)

Variable	Coefficient	Standard error	p-value
CRRA value r
Constant	0.202	0.279	0.468
Female participant (yes: 1; no: 0)	− 0.010	0.069	0.885
Participants’ age (years)	0.005	0.002	0.022	*
Participant having children (yes: 1; no: 0)	− 0.068	0.085	0.431
Educational years (years)	0.011	0.009	0.214
Communal forest enterprise (yes: 1; no: 0)	0.050	0.127	0.691
Private forest enterprise (yes: 1; no: 0)	0.156	0.075	0.038	*
Other forestry professionals (yes: 1; no: 0)	0.054	0.084	0.519
Size of forestland (ha)	− 3e-8	5e-7	0.951
Providing financial security (%)	0.0003	0.001	0.788
Other goals, e.g., providing ecological or social services (%)	0.001	0.002	0.378
Discount rate δ
Constant	0.076	0.030	0.010	**
Female participant (yes: 1; no: 0)	− 0.013	0.010	0.177
Participant’s age (years)	− 0.001	0.0004	0.103
Participant having children (yes: 1; no: 0)	− 0.006	0.011	0.583
Educational years (years)	0.0005	0.001	0.641
Communal forest enterprise (yes: 1; no: 0)	− 0.016	0.010	0.117
Private forest enterprise (yes: 1; no: 0)	−0.014	0.008	0.079	.
Other forestry professionals (yes: 1; no: 0)	− 0.004	0.010	0.676
Size of forestland (ha)	− 7e-8	7e-8	0.360
Providing financial security (%)	0.0003	0.0002	0.029	*
Other goals, e.g., providing ecological or social services (%)	0.0002	0.0002	0.303
Noise parameter μ (for r)	0.149	0.045	0.001	**
Noise parameter ν (for δ)	0.004	0.002	0.030	*

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