On the stability of preferences: Experimental evidence from two disasters.

We investigate the impacts of two disasters in Japan and the Philippines on preferences using the convex time budget experiments and multiple price list experiments with monetary rewards. By exploiting natural experiments which are combined with lab-in-the-field experiments, we aim to investigate whether and how long preferences are affected by extreme events. We find evidence supporting preference instability caused by exposure to natural hazards: in both our study sites, disaster exposure seems to make individuals more present-biased even though they differ in socioeconomic conditions and disaster types. The estimated impacts are persistent over the short and long time intervals in both disaster-affected areas and are robust to the method of measuring preferences.