Replication data for: Risk Preferences Are Not Time Preferences: On the Elicitation of Time Preference under Conditions of Risk: Comment
Principal Investigator(s): View help for Principal Investigator(s) Stephen L. Cheung
Version: View help for Version V1
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| AER20120946_Data | 10/11/2019 11:54:PM | ||
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text/plain | 14.6 KB | 10/11/2019 07:54:PM |
Project Citation:
Cheung, Stephen L. Replication data for: Risk Preferences Are Not Time Preferences: On the Elicitation of Time Preference under Conditions of Risk: Comment. Nashville, TN: American Economic Association [publisher], 2015. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112887V1
Project Description
Summary:
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Andreoni and Sprenger (2012a, b) report evidence that distinct utility functions govern choices under certainty and risk. I investigate the robustness of this result to the experimental design. I find that the effect disappears completely when a multiple price list instrument is used instead of a convex time budget design. Alternatively, the effect is reduced by half when sooner and later payment risks are realized using a single lottery instead of two independent lotteries. The result is thus at least partially driven by intertemporal diversification, supporting an explanation in terms of concavity of the intertemporal, and not only atemporal, utility function. (JEL C91, D81, D91)
Scope of Project
JEL Classification:
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C91 Design of Experiments: Laboratory, Individual
D81 Criteria for Decision-Making under Risk and Uncertainty
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
C91 Design of Experiments: Laboratory, Individual
D81 Criteria for Decision-Making under Risk and Uncertainty
D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
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