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ON THE SOCIAL DIMENSION OF TIME AND RISK PREFERENCES: AN EXPERIMENTAL STUDY |
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| Authors: | WERNER GÜ TH,M. VITTORIA LEVATI,MATTEO PLONER |
| Affiliation: | Güth:;Director, Max Planck Institute of Economics, Strategic Interaction Group, Kahlaische Strasse 10, D-07745 Jena, Germany. Phone 0049-3641-686620, Fax 0049-3641-686667, E-mail Levati:;Research Associate, Max Planck Institute of Economics, Strategic Interaction Group, Kahlaische Strasse 10, D-07745 Jena, Germany, and Dipartimento di Scienze Economiche, Bari University, Via C. Rosalba 53, I-70124 Bari, Italy. Phone 0049-3641-686629, Fax 0049-3641-686667, E-mail Ploner:;Research Fellow, LEM, Sant'Anna School of Advanced Studies, Piazza Martiri della Libertà33, I-56127 Pisa, Italy. Phone 0039-461-882246, Fax 0039-461-882222, E-mail |
| Abstract: | When explaining risk taking, intertemporal allocation, and distributing behavior, economists rely on risk, time, and other-regarding preferences but offer no guidance on how these three crucial aspects are interrelated. We report on an experiment exploring such interrelation. For this sake, we compare evaluations of several prospects, each of which allocates certain or risky and immediate or delayed payoffs to the actor and to another participant. We find that individuals are self-oriented as to social allocation of risk and delay and other-regarding with respect to expected payoffs . ( JEL C91, D63, D81) |
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