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Eliciting Prospect Theory When Consequences Are Measured in Time Units: "Time Is Not Money"

Author

Listed:
  • Mohammed Abdellaoui

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Emmanuel Kemel

    (UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

We elicited the prospect theory components (utility, probability weighting, and loss aversion) when consequences are expressed as the time dedicated to a specific task or activity. A similar elicitation was performed for monetary consequences to allow an across-attribute (time/money) comparison of the elicited components (at the individual level). We obtained less concave utility and smaller loss aversion for time than for money. Moreover, while the probability weighting was predominantly inverse S-shaped for both attributes, it was less sensitive to probabilities and more elevated for time than for money. This finding implies more optimism for gains and more pessimism for losses.

Suggested Citation

  • Mohammed Abdellaoui & Emmanuel Kemel, 2013. "Eliciting Prospect Theory When Consequences Are Measured in Time Units: "Time Is Not Money"," Post-Print hal-01069187, HAL.
    • Handle: RePEc:hal:journl:hal-01069187
    DOI: 10.1287/mnsc.2013.1829
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