Fast-food consumption and individual time preferences in Russia: evidence for the social policy
This article aims to investigate the role of socioeconomic factors and individual time preferences in the demand for fast-food in Russia. An individual discount rate shows the ability of a person to postpone utility from consumption to future periods.
An individual discount rate is measured through a hypothetical money experiment. The database is the special survey of the Levada analytical center conducted in 2017. Multivariate probit model enables the authors to consider the possible endogeneity of individual discount rate and reveal the relationship between socioeconomic factors and frequent fast-food consumption.
Results show that a higher individual discount rate is related to frequent consumption of fast-food. At the same time, there are factors that provoke both a higher individual discount rate and the refusal of frequent consumption of fast-food. Findings advise the prioritization of measures highlighting the short-term benefits of healthy eating and the short-term costs of avoiding it.
To the authors' knowledge, this article is the first one which presents comprehensive investigation of microeconomic factors of fast-food consumption in Russia including individual time preferences of consumers.