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At the nexus of risk and time preferences: An experimental investigation

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  • Keith Coble

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  • Jayson Lusk

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File URL: http://hdl.handle.net/10.1007/s11166-010-9096-7
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Bibliographic Info

Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 41 (2010)
Issue (Month): 1 (August)
Pages: 67-79

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Handle: RePEc:kap:jrisku:v:41:y:2010:i:1:p:67-79

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Web page: http://www.springerlink.com/link.asp?id=100299

Related research

Keywords: Discounted expected utility; Kreps-Porteus model; Elasticity of intertemporal substitution; D81; D91;

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References

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  1. Sergio H. Lence, 2000. "Using Consumption and Asset Return Data to Estimate Farmers' Time Preferences and Risk Attitudes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 82(4), pages 934-947.
  2. Kocherlakota, Narayana R, 1990. " Disentangling the Coefficient of Relative Risk Aversion from the Elasticity of Intertemporal Substitution: An Irrelevance Result," Journal of Finance, American Finance Association, American Finance Association, vol. 45(1), pages 175-90, March.
  3. Campbell, John Y, 1993. "Intertemporal Asset Pricing without Consumption Data," American Economic Review, American Economic Association, vol. 83(3), pages 487-512, June.
  4. John Hey & Gianna Lotito, 2009. "Naive, resolute or sophisticated? A study of dynamic decision making," Journal of Risk and Uncertainty, Springer, Springer, vol. 38(1), pages 1-25, February.
  5. Martin Ahlbrecht & Martin Weber, 1997. "An Empirical Study on Intertemporal Decision Making Under Risk," Management Science, INFORMS, INFORMS, vol. 43(6), pages 813-826, June.
  6. Philippe Weil, 1989. "The Equity Premium Puzzle and the Riskfree Rate Puzzle," NBER Working Papers 2829, National Bureau of Economic Research, Inc.
  7. Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
  8. Anderhub, Vital & Gneezy, Uri & Güth, Werner & Sonsino, Doron, 1999. "On the interaction of risk and time preferences: An experimental study," SFB 373 Discussion Papers 1999,65, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  9. Lawrence Summers & Richard Zeckhauser, 2008. "Policymaking for posterity," Journal of Risk and Uncertainty, Springer, Springer, vol. 37(2), pages 115-140, December.
  10. Lence, Sergio H., 2000. "Using Consumption and Asset Return Data to Estimate Farmersï¾’ Time Preferences and Risk Attitudes," Staff General Research Papers 1930, Iowa State University, Department of Economics.
  11. Lisa Anderson & Sarah Stafford, 2009. "Individual decision-making experiments with risk and intertemporal choice," Journal of Risk and Uncertainty, Springer, Springer, vol. 38(1), pages 51-72, February.
  12. David M Kreps & Evan L Porteus, 1978. "Temporal Resolution of Uncertainty and Dynamic Choice Theory," Levine's Working Paper Archive 625018000000000009, David K. Levine.
  13. Charles Noussair & Ping Wu, 2006. "Risk tolerance in the present and the future: an experimental study," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 27(6), pages 401-412.
  14. Selçuk Onay & Ayse Öncüler, 2007. "Intertemporal choice under timing risk: An experimental approach," Journal of Risk and Uncertainty, Springer, Springer, vol. 34(2), pages 99-121, April.
  15. Stevenson, Mary Kay, 1992. "The impact of temporal context and risk on the judged value of future outcomes," Organizational Behavior and Human Decision Processes, Elsevier, Elsevier, vol. 52(3), pages 455-491, August.
  16. Maribeth Coller & Melonie Williams, 1999. "Eliciting Individual Discount Rates," Experimental Economics, Springer, vol. 2(2), pages 107-127, December.
  17. Steffen Andersen & Glenn W. Harrison & Morten I. Lau & E. Elisabet Rutström, 2008. "Eliciting Risk and Time Preferences," Econometrica, Econometric Society, Econometric Society, vol. 76(3), pages 583-618, 05.
  18. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December.
  19. Shane Frederick & George Loewenstein, 2008. "Conflicting motives in evaluations of sequences," Journal of Risk and Uncertainty, Springer, Springer, vol. 37(2), pages 221-235, December.
  20. Hey, John D & Orme, Chris, 1994. "Investigating Generalizations of Expected Utility Theory Using Experimental Data," Econometrica, Econometric Society, Econometric Society, vol. 62(6), pages 1291-1326, November.
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Citations

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Cited by:
  1. Drichoutis, Andreas & Nayga, Rodolfo, 2013. "A reconciliation of time preference elicitation methods," MPRA Paper 46916, University Library of Munich, Germany, revised 12 May 2013.
  2. Susan Laury & Melayne McInnes & J. Todd Swarthout, 2012. "Avoiding the curves: Direct elicitation of time preferences," Journal of Risk and Uncertainty, Springer, Springer, vol. 44(3), pages 181-217, June.
  3. Thomas M. Eisenbach & Martin C. Schmalz, 2013. "Up close it feels dangerous: 'anxiety' in the face of risk," Staff Reports 610, Federal Reserve Bank of New York.
  4. Thomas Epper & Helga Fehr-Duda & Adrian Bruhin, 2010. "Viewing the future through a warped lens: why uncertainty generates hyperbolic discounting," IEW - Working Papers 510, Institute for Empirical Research in Economics - University of Zurich.
  5. Thomas Epper & Helga Fehr-Duda, 2012. "The missing link: Unifying risk taking and time discounting," ECON - Working Papers, Department of Economics - University of Zurich 096, Department of Economics - University of Zurich.
  6. Kirstin Appelt & David Hardisty & Elke Weber, 2011. "Asymmetric discounting of gains and losses: A query theory account," Journal of Risk and Uncertainty, Springer, Springer, vol. 43(2), pages 107-126, October.
  7. Dreber, Anna & Rand, David & Wernerfelt, Nils & Worrell, Peter & Zeckhauser, Richard, 2013. "The Decisions of Entrepreneurs and Their Agents: Revealed Levels of Risk Aversion and Betrayal Aversion," Working Paper Series rwp13-016, Harvard University, John F. Kennedy School of Government.
  8. Hans-Martin Gaudecker & Arthur Soest & Erik Wengström, 2012. "Experts in experiments," Journal of Risk and Uncertainty, Springer, Springer, vol. 45(2), pages 159-190, October.

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