Loss Aversion for time: An experimental investigation of time preferences
AbstractThis paper investigates decisions about inter-temporal tradeoffs. The objective of the study is to explore the valuation of time itself without tradeoffs between time and consequences. In an experimental study subjects made decisions about waiting time, where the time was subject to risk. We find that subjects are risk-seeking for decisions about time, which leads to the conclusion that waiting time is experienced as a loss. Subjects in this experiment show similar choice patters as can be seen in studies about money when losses are involved.
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Bibliographic InfoPaper provided by Otto-von-Guericke University Magdeburg, Faculty of Economics and Management in its series FEMM Working Papers with number 08027.
Length: 7 pages
Date of creation: Sep 2008
Date of revision:
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-10-21 (All new papers)
- NEP-CBE-2008-10-21 (Cognitive & Behavioural Economics)
- NEP-EXP-2008-10-21 (Experimental Economics)
- NEP-UPT-2008-10-21 (Utility Models & Prospect Theory)
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