Intertemporal Tradeoffs for Gains and Losses
An Experimental Measurement of Discounted Utility
Dados 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) |
| Ano | 2010 |
| Volume | 120 |
| Fascículo | 545 |
| Páginas | 845-866 |
| Data de publicação | 2010-06-01 |
| Peer Reviewed | Sim |
| Open Access | Sim |
| Tipo | ARTICLE |
| Periódico | The Economic Journal (JOURNAL) |
| Identificadores do periódico | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Editora | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/j.1468-0297.2009.02308.x |
| OpenAlex | W1793842085 |
| Idioma | EN |
| Citações recebidas | 10 |
| Referências 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
Exploring mechanisms underlying intertemporal choices
Towards a history of behavioural and experimental economics in France
Delay preference in intertemporal choice
Discounting or Priority
Unbounded growth in the Neoclassical growth model with non-constant discounting
Perception of delayed environmental risks
Hyperbolic discounting can be good for your health
Framing effects in intertemporal choice tasks and financial implications
Irrational
Measuring time preference
Some empirical evidence on dynamic inconsistency
Alternative Approaches to the Theory of Choice in Risk-Taking Situations
Self-Confidence and Personal Motivation
Is Addiction "Rational"? Theory and Evidence
Anomalies in Intertemporal Choice
Parameter-Free Elicitation of Utility and Probability Weighting Functions
Experimental practices in economics
Discount Rates Inferred from Decisions
Doing It Now or Later
Bidding on the future
Contingent weighting in judgment and choice.
Mental Accounting and Consumer Choice
Golden Eggs and Hyperbolic Discounting
On Second-Best National Saving and Game-Equilibrium Growth
Eliciting Risk and Time Preferences
A Note on Measurement of Utility
Advances in prospect theory
Risk Aversion and Incentive Effects
Time Discounting and Time Preference
Explaining heterogeneity in utility functions by individual differences in decision modes
Experimental Economics From the Vantage‐point of Behavioural Economics
Job Search and Hyperbolic Discounting
Specious reward
| Obras citantes distintas | 10 |
|---|---|
| Citações por ano | 0,71 |
| Intervalo de citações | 2012 - 2025 (14) |
| Velocidade de citação | recent |
| Altamente citado | Não |
| Tipos de citação | Neutras: 10 |