Intertemporal Tradeoffs for Gains and Losses
An Experimental Measurement of Discounted Utility
Datos Bibliográficos
| ID | 9708743 |
|---|---|
| Autores | Mohammed Abdellaoui (0000-0003-4226-4461, HEC‐Paris, GREGHEC‐CNRS), Arthur E Attema (0000-0003-3607-6579, Erasmus University), Han Bleichrodt (0000-0002-2700-412X, Erasmus University) |
| Año | 2010 |
| Volumen | 120 |
| Número | 545 |
| Páginas | 845-866 |
| Fecha de publicación | 2010-06-01 |
| Peer Reviewed | Sí |
| Open Access | Sí |
| Tipo | ARTICLE |
| Revista | The Economic Journal (JOURNAL) |
| Identificadores de la revista | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editorial | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2009.02308.x |
| OpenAlex | W1793842085 |
| Idioma | EN |
| Citas recibidas | 10 |
| Referencias citadas | 66 |
This article provides a parameter-free measurement of utility in intertemporal choice and presents new and more robust evidence on the discounting of money outcomes. Intertemporal utility was concave for gains and convex for losses, consistent with a hypothesis put forward by Loewenstein and Prelec (1992) . Discount rates declined over time but less so than previously observed under the assumption of linear utility. For approximately 40% of our subjects constant discounting provided the best fit. The remaining 60% were most consistent with Harvey's (1986) power discounting. Our data provide little support for the popular quasi-hyperbolic model, which is widely used in economics today. We observed an asymmetry in the discounting of gains and losses that, unlike earlier findings, cannot be explained by a framing effect. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009
Discounting · Econometrics · Economics · Expected utility hypothesis · Framing effect · Hyperbolic discounting · Intertemporal choice · Mathematical economics · Microeconomics · Decision-Making and Behavioral Economics · Economic and Environmental Valuation · Economic theories and models · Psychology
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| Obras citantes distintas | 10 |
|---|---|
| Citas por año | 0,71 |
| Intervalo de citas | 2012 - 2025 (14) |
| Velocidad de citación | recent |
| Altamente citado | No |
| Tipos de cita | Neutras: 10 |