Arbeitspapier
Weighted Temporal Utility
We propose a novel utility representation for preferences over risky timed outcomes. The weighted temporal utility model generalizes many well known utility functions for intertemporal decision making under risk. A decision maker with a weighted temporal utility function can have time consistent yet non-stationary preferences or stationary yet time inconsistent preferences. Thus, our model can explain the empirical evidence in Halevy (2012) which is at odds with standard models of intertemporal choice that assume non-linear time perception to be the sole driver of non-stationary and time-inconsistent behavior. We also propose a non-parametric approach to elicit a weighted temporal utility function.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 13-167/1
- Klassifikation
-
Wirtschaft
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Criteria for Decision-Making under Risk and Uncertainty
- Thema
-
Intertemporal choice
stationarity
time consistency
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Gerber, Anke
Rohde, Kirsten I.M.
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2013
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:42 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Gerber, Anke
- Rohde, Kirsten I.M.
- Tinbergen Institute
Entstanden
- 2013
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