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At the nexus of risk and time preferences: An experimental investigation
Authors:Keith H Coble  Jayson L Lusk
Institution:(1) Department of Agricultural Economics, Mississippi State University, Mississippi State, MS 39762-9755, USA;(2) Department of Agricultural Economics, Oklahoma State University, Stillwater, OK 74078, USA
Abstract:Although many economic decisions involve choices between uncertain outcomes occurring at different times, most theoretical and empirical work restricts attention to one dimension or another. In this paper, we investigate whether both risk and time preferences can be represented by a single parameter. We collect experimental data to estimate models which allows for a disentanglement of risk and time preferences. Results reveal that the discounted expected utility model assumption, that risk and time preferences can be explained by a single parameter, is not supported by the data. The model estimates imply people prefer to delay the resolution of risky outcomes.
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