Risk Preferences Are Not Time Preferences: Reply
نویسندگان
چکیده
منابع مشابه
Risk Preferences Are Not Time Preferences: Reply
Can the well-known experimental phenomenon of present-bias in intertemporal choice be confounded with the risks associated with receiving payment? Can measurements of risk preferences be used to represent desires for smoothness in intertemporal payments? In our two 2012 papers in this journal we explored these two questions and found the answer to the first to be yes and the second to be no. We...
متن کاملRisk Preferences Are Not Time Preferences
Risk and time are intertwined. The present is known while the future is inherently risky. This is problematic when studying time preferences since uncontrolled risk can generate apparently present-biased behavior. We systematically manipulate risk in an intertemporal choice experiment. Discounted expected utility performs well with risk, but when certainty is added common ratio predictions fail...
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There is a rich theoretical literature in economics which models habit-forming behaviours, of which addiction is the exemplar, but there is a paucity of experimental economic studies eliciting and comparing the preferences that economic theory suggests may differ between addicts and non-addicts. We evaluate an incentivecompatible risk and time preference experiment conducted on a sample of stud...
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Abstract. We design experiments to jointly elicit risk and time preferences for the adult Danish population. We find that joint elicitation results in estimates of discount rates that are dramatically lower than those found in previous studies. Estimation of latent time preferences requires that one specify a theoretical structure to understand risk and time choices, but we show that our main r...
متن کاملRISK PREFERENCES, TIME PREFERENCES AND SMOKING BEHAVIOUR by
There is a rich theoretical literature in economics which models habit-forming behaviours, of which addiction is the exemplar, but there is a paucity of experimental economic studies eliciting and comparing the preferences that economic theory suggests may differ between addicts and non-addicts. We evaluate a set of incentivecompatible risk and time preference experiments conducted on a sample ...
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ژورنال
عنوان ژورنال: American Economic Review
سال: 2015
ISSN: 0002-8282
DOI: 10.1257/aer.20150311