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Risk preferences at different time periods / Mohammed Abdellaoui in Management science, Vol. 57 N° 5 (Mai 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 5 (Mai 2011) . - pp. 975-987 Titre : Risk preferences at different time periods : An experimental investigation Type de document : texte imprimé Auteurs : Mohammed Abdellaoui, Auteur ; Enrico Diecidue, Auteur ; Ayse Öncüler, Auteur Année de publication : 2011 Article en page(s) : pp. 975-987 Note générale : Management Langues : Anglais (eng) Mots-clés : Time  preferences  Risk  preferences  Delayed  lotteries  Attitude  toward  risk  Utility  Decision  weights  Optimism  Sensitivity  to  probabilities Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Intertemporal decision making under risk involves two dimensions: time preferences and risk preferences. This paper focuses on the impact of time on risk preferences, independent of the intertemporal trade-off of outcomes, i.e., time preferences. It reports the results of an experimental study that examines how delayed resolution and payment of risky options influence individual choice. We used a simple experimental design based on the comparison of two-outcome monetary lotteries with the same delay. Raw data clearly reveal that subjects become more risk tolerant for delayed lotteries. Assuming a prospect theory–like model under risk, we analyze the impact of time on utility and decision weights, independent of time preferences. We show that the subjective treatment of outcomes (i.e., utility) is not significantly affected by time. In fact, the impact of time is completely absorbed by the probability weighting function. The effect of time on risk preferences was found to generate probabilistic optimism resulting in a higher risk tolerance for delayed lotteries. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/5/975 [article] Risk preferences at different time periods : An experimental investigation [texte imprimé] / Mohammed Abdellaoui, Auteur ; Enrico Diecidue, Auteur ; Ayse Öncüler, Auteur . - 2011 . - pp. 975-987. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 5 (Mai 2011) . - pp. 975-987 Mots-clés : Time  preferences  Risk  preferences  Delayed  lotteries  Attitude  toward  risk  Utility  Decision  weights  Optimism  Sensitivity  to  probabilities Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Intertemporal decision making under risk involves two dimensions: time preferences and risk preferences. This paper focuses on the impact of time on risk preferences, independent of the intertemporal trade-off of outcomes, i.e., time preferences. It reports the results of an experimental study that examines how delayed resolution and payment of risky options influence individual choice. We used a simple experimental design based on the comparison of two-outcome monetary lotteries with the same delay. Raw data clearly reveal that subjects become more risk tolerant for delayed lotteries. Assuming a prospect theory–like model under risk, we analyze the impact of time on utility and decision weights, independent of time preferences. We show that the subjective treatment of outcomes (i.e., utility) is not significantly affected by time. In fact, the impact of time is completely absorbed by the probability weighting function. The effect of time on risk preferences was found to generate probabilistic optimism resulting in a higher risk tolerance for delayed lotteries. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/5/975