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Preferences Over Temporal Frames In Dynamic Decision Problems: An Experimental Investigation

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  • JOHN D. HEY
  • MASSIMO PARADISO

Abstract

This paper reports the results of an experimental investigation into people's evaluations of choice problems that are strategically equivalent, but differ in respect of their temporal framings. We elicit individual valuations for three strategically equivalent choice problems, which differ in terms of their framing and the timing of the decision. This allows us to begin to understand how people view dynamic decision problems and how they tackle them. This research is complementary to earlier experimental work of others, which suggests that the temporal frame of a dynamic decision problem may well influence the decisions that are taken. We show that the framing affects also some people's evaluation of the problem. We combine these findings with the earlier findings to relate the two issues: the evaluations and the decisions. This helps us get some insight into the thought processes of dynamically inconsistent people.

Suggested Citation

  • John D. Hey & Massimo Paradiso, 2006. "Preferences Over Temporal Frames In Dynamic Decision Problems: An Experimental Investigation," Manchester School, University of Manchester, vol. 74(2), pages 123-137, March.
    • Handle: RePEc:bla:manchs:v:74:y:2006:i:2:p:123-137
    DOI: 10.1111/j.1467-9957.2006.484_1.x
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    File URL: https://doi.org/10.1111/j.1467-9957.2006.484_1.x
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    Cited by:

    1. John D. Hey & Gianna Lotito, 2018. "Naive, resolute or sophisticated? A study of dynamic decision making," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 11, pages 275-299, World Scientific Publishing Co. Pte. Ltd..
    2. Antoine Nebout & Marc Willinger, 2014. "Are Non-Expected Utility individuals really Dynamically Inconsistent? Experimental Evidence," Working Papers 14-08, LAMETA, Universtiy of Montpellier, revised Jul 2014.
    3. John D. Hey & Luca Panaccione, 2018. "Dynamic decision making: what do people do?," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 10, pages 235-273, World Scientific Publishing Co. Pte. Ltd..
    4. Hammond, Peter J & Zank, Horst, 2013. "Rationality and Dynamic Consistency under Risk and Uncertainty," The Warwick Economics Research Paper Series (TWERPS) 1033, University of Warwick, Department of Economics.
    5. Enrica Carbone & Gerardo Infante, 2014. "Comparing behavior under risk and under ambiguity in a lifecycle experiment," Theory and Decision, Springer, vol. 77(3), pages 313-322, October.
    6. Maria J. Ruiz Martos, 2018. "Sequential Common Consequence Effect and Incentives," ThE Papers 18/04, Department of Economic Theory and Economic History of the University of Granada..
    7. Maria J. Ruiz Martos, 2017. "Individual Dynamic Choice Behaviour and the Common Consequence Effect," ThE Papers 17/01, Department of Economic Theory and Economic History of the University of Granada..
    8. Rocco Caferra & John D. Hey & Andrea Morone & Marco Santorsola, 2023. "Dynamic inconsistency under ambiguity: An experiment," Journal of Risk and Uncertainty, Springer, vol. 67(3), pages 215-238, December.
    9. Diasakos, Theodoros M, 2013. "Complexity and Bounded Rationality in Individual Decision Problemsing," SIRE Discussion Papers 2013-93, Scottish Institute for Research in Economics (SIRE).
    10. Theodoros M. Diasakos, 2008. "Complexity and Bounded Rationality in Individual Decision Problems," Carlo Alberto Notebooks 90, Collegio Carlo Alberto.
    11. Hammond, Peter J. & Zank, Horst, 2013. "Rationality and Dynamic Consistency under Risk and Uncertainty," Economic Research Papers 270426, University of Warwick - Department of Economics.

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