Comment on Risk Preferences Are Not Time Preferences: Separating Risk and Time Preference

• 成果类型: Editorial Material
• 署名作者: Miao, Bin; Zhong, Songfa
• 署名单位: Shanghai University of Finance & Economics; National University of Singapore
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20131183
• 发表日期: 2015
• 页码: 2272-2286
• 关键词: aversion; utility; CHOICE; consumption; FRAMEWORK; certainty; BEHAVIOR

摘要

Andreoni and Sprenger (2012a,b) observe that utility functions are distinct for risk and time preferences, and show that their findings are consistent with a preference for certainty. We revisit this question in an enriched experimental setting in which subjects make intertemporal decisions under different risk conditions. The observed choice behavior supports a separation between risk attitude and intertemporal substitution rather than a preference for certainty. We further show that several models, including Epstein and Zin (1989); Chew and Epstein (1990); and Halevy (2008) exhibit such a separation and can account for the overall experimental findings. (JEL C91, D81, D91)