Arbeitspapier
Eliciting Utility Curvature in Time Preference
This paper examines the effects of alternative assumptions regarding the curvature of utility upon estimated discount rates in experimental data. To do so, it introduces a novel design to elicit time preference building upon a translation of the Holt and Laury method for risk. The results demonstrate that utility elicited directly from choice over time is significantly concave, but far closer to linear than utility elicited under risk. As a result, the effect of adjusting discount rates for this curvature is modest compared to assuming linear utility, and considerably less than when utility from a risk preference task is imposed.
- Sprache
-
Englisch
- Erschienen in
-
Series: IZA Discussion Papers ; No. 12535
- Klassifikation
-
Wirtschaft
Design of Experiments: Laboratory, Individual
Microeconomic Behavior: Underlying Principles
Micro-Based Behavioral Economics: General‡
- Thema
-
time preference
measurement of utility
discounted utility
choice list
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Cheung, Stephen L.
- Ereignis
-
Veröffentlichung
- (wer)
-
Institute of Labor Economics (IZA)
- (wo)
-
Bonn
- (wann)
-
2019
- 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
- Cheung, Stephen L.
- Institute of Labor Economics (IZA)
Entstanden
- 2019
Ähnliche Objekte (12)
Eliciting utility curvature in time preference
Contingent preference for flexibility: eliciting beliefs from behavior
Procedures for Eliciting Time Preferences
Utility maximization, choice and preference
Utility maximization, choice and preference
A new method for valuing health: directly eliciting personal utility functions
Eliciting Exploratory Patient Preference Data: A Case Study in a Rare Disease
Eliciting preferences in glaucoma management—a systematic review of stated-preference studies
Eliciting preferences for public goods in non-monetized communities: Accounting for preference uncertainty
Eliciting preferences for public goods in non-monetized communities : Accounting for preference uncertainty
Eliciting women’s preference for prenatal testing in China: a discrete choice experiment
Is utility transferable? a revealed preference analysis
Eliciting utility curvature in time preference
Contingent preference for flexibility: eliciting beliefs from behavior
Procedures for Eliciting Time Preferences
Utility maximization, choice and preference
Utility maximization, choice and preference
A new method for valuing health: directly eliciting personal utility functions
Eliciting Exploratory Patient Preference Data: A Case Study in a Rare Disease
Eliciting preferences in glaucoma management—a systematic review of stated-preference studies
Eliciting preferences for public goods in non-monetized communities: Accounting for preference uncertainty
Eliciting preferences for public goods in non-monetized communities : Accounting for preference uncertainty
Eliciting women’s preference for prenatal testing in China: a discrete choice experiment
Is utility transferable? a revealed preference analysis
Eliciting utility curvature in time preference
Contingent preference for flexibility: eliciting beliefs from behavior
Procedures for Eliciting Time Preferences
Utility maximization, choice and preference
Utility maximization, choice and preference
A new method for valuing health: directly eliciting personal utility functions
Eliciting Exploratory Patient Preference Data: A Case Study in a Rare Disease
Eliciting preferences in glaucoma management—a systematic review of stated-preference studies
Eliciting preferences for public goods in non-monetized communities: Accounting for preference uncertainty
Eliciting preferences for public goods in non-monetized communities : Accounting for preference uncertainty
Eliciting women’s preference for prenatal testing in China: a discrete choice experiment