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

• 成果类型: Article
• 署名作者: Abdellaoui, Mohammed; Kemel, Emmanuel
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; Centre National de la Recherche Scientifique (CNRS); heSam Universite; Universite Pantheon-Sorbonne
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2013.1829
• 发表日期: 2014
• 页码: 1844-1859
• 关键词: time risk; expected utility; prospect theory; Reference point; utility; probability weighting

摘要

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.