Preferences Over Temporal Frames In Dynamic Decision Problems: An Experimental Investigation
AbstractThis paper reports the results of an experimental investigation into people's evaluations of choice problems that are strategically equivalent, but differ in respect of their temporal framings. We elicit individual valuations for three strategically equivalent choice problems, which differ in terms of their framing and the timing of the decision. This allows us to begin to understand how people view dynamic decision problems and how they tackle them. This research is complementary to earlier experimental work of others, which suggests that the temporal frame of a dynamic decision problem may well influence the decisions that are taken. We show that the framing affects also some people's evaluation of the problem. We combine these findings with the earlier findings to relate the two issues: the evaluations and the decisions. This helps us get some insight into the thought processes of dynamically inconsistent people. Copyright Blackwell Publishing Ltd and The University of Manchester, 2006.
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School.
Volume (Year): 74 (2006)
Issue (Month): 2 (03)
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- John Hey & Gianna Lotito, 2009.
"Naive, resolute or sophisticated? A study of dynamic decision making,"
Journal of Risk and Uncertainty,
Springer, vol. 38(1), pages 1-25, February.
- John D Hey & Gianna Lotito, 2007. "Naïve, Resolute or Sophisticated? A Study of Dynamic Decision Making," Discussion Papers 07/03, Department of Economics, University of York.
- John Hey & Luca Panaccione, 2011. "Dynamic decision making: what do people do?," Journal of Risk and Uncertainty, Springer, vol. 42(2), pages 85-123, April.
- Hammond, Peter J & Zank, Horst, 2013. "Rationality and Dynamic Consistency under Risk and Uncertainty," The Warwick Economics Research Paper Series (TWERPS) 1033, University of Warwick, Department of Economics.
- Enrica Carbone & Gerardo Infante, 2012. "The Effect of a Short Planning Horizon on Intertemporal Consumption Choices," Labsi Experimental Economics Laboratory University of Siena 043, University of Siena.
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