Comment on Risk Preferences Are Not Time Preferences: On the Elicitation of Time Preference under Conditions of Risk
成果类型：
Editorial Material
署名作者：
Cheung, Stephen L.
署名单位：
University of Sydney
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282
DOI：
10.1257/aer.20120946
发表日期：
2015
页码：
2242-2260
关键词：
摘要：
Andreoni and Sprenger (2012a, b) report evidence that distinct utility functions govern choices under certainty and risk. I investigate the robustness of this result to the experimental design. I find that the effect disappears completely when a multiple price list instrument is used instead of a convex time budget design. Alternatively, the effect is reduced by half when sooner and later payment risks are realized using a single lottery instead of two independent lotteries. The result is thus at least partially driven by intertemporal diversification, supporting an explanation in terms of concavity of the intertemporal, and not only atemporal, utility function. (JEL C91, D81, D91)