On the Interaction of Risk and Time Preferences: An Experimental Study

TLDR: In this paper, the authors investigate the possible correlation between risk aversion and time preference and show that the negative correlation is independent of the method used to elicit certainty equivalents (willingness to pay versus willingness to accept).

Abstract: Experimental studies of risk and time preference typically focus on one of the two phenomena. The goal of this paper is to investigate the (possible) correlation between subjects’ attitude to risk and their time preference. For this sake we ask 61 subjects to price a simple lottery in three different scenarios. At the first, the lottery premium is paid ‘now’. At the second, it is paid ‘later’. At the third, it is paid ‘even later‘. By comparing the certainty equivalents offered by the subjects for the three lotteries, we test how time and risk preferences are interrelated. Since the time interval between ‘now’ and ‘later’ is the same as between ‘later’ and ‘even later’, we also test the hypothesis of hyperbolic discounting. The main result is a statistically significant negative correlation between subjects’ degrees of risk aversion and their (implicit) discount factors. Moreover, we show that the negative correlation is independent of the method used to elicit certainty equivalents (willingness to pay versus willingness to accept).

Full text

Anderhub, Vital; Gneezy, Uri; Güth, Werner; Sonsino, Doron
Working Paper
On the interaction of risk and time preferences: An
experimental study
SFB 373 Discussion Paper, No. 1999,65
Provided in Cooperation with:
Collaborative Research Center 373: Quantification and Simulation of Economic Processes,
Humboldt University Berlin
Suggested Citation: Anderhub, Vital; Gneezy, Uri; Güth, Werner; Sonsino, Doron (1999) :
On the interaction of risk and time preferences: An experimental study, SFB 373 Discussion
Paper, No. 1999,65, Humboldt University of Berlin, Interdisciplinary Research Project 373:
Quantification and Simulation of Economic Processes, Berlin,
https://nbn-resolving.de/urn:nbn:de:kobv:11-10046543
This Version is available at:
http://hdl.handle.net/10419/61733
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