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Individual vs. Collective Behavior: An Experimental. Investigation of Risk and Time Preferences in Couples

Author

Listed:
  • Olivier L'Haridon

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Mohammed Abdellaoui

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

  • Corina Paraschiv

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper study decision-making under risk and decision-making over time made by couples. We performed a joint experimental elicitation of risk and time preferences both for couples and for their individual members. We used general behavioral models of decision under risk and over time and measured utility, probability weighting, and discounting. Under risk, our main result is that probabilistic risk attitude for couples lay within the boundaries of individual attitudes: couples are less risk-averse than individuals at high probability levels and also less risk-seeking at low probability levels. In decision over time, couples discounted less future amounts of money than individuals. This result suggests that making joint decisions signicantly reduces revealed impatience.

Suggested Citation

  • Olivier L'Haridon & Mohammed Abdellaoui & Corina Paraschiv, 2010. "Individual vs. Collective Behavior: An Experimental. Investigation of Risk and Time Preferences in Couples," Working Papers hal-00579372, HAL.
    • Handle: RePEc:hal:wpaper:hal-00579372
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    Cited by:

    1. Carlsson, Fredrik & Yang, Xiaojun, 2013. "Intertemporal Choice Shifts in Households: Do they occur and are they good?," Working Papers in Economics 569, University of Gothenburg, Department of Economics.
    2. repec:dau:papers:123456789/2319 is not listed on IDEAS
    3. Matthew O. Jackson & Leeat Yariv, 2014. "Present Bias and Collective Dynamic Choice in the Lab," American Economic Review, American Economic Association, vol. 104(12), pages 4184-4204, December.
    4. Elyès Jouini & Clotilde Napp, 2012. "Behavioral biases and the representative agent," Theory and Decision, Springer, vol. 73(1), pages 97-123, July.
    5. Alistair Munro & Danail Popov, 2013. "A portmanteau experiment on the relevance of individual decision anomalies for households," Experimental Economics, Springer;Economic Science Association, vol. 16(3), pages 335-348, September.
    6. Yang, Xiaojun & Carlsson, Fredrik, 2016. "Influence and choice shifts in households: An experimental investigation," Journal of Economic Psychology, Elsevier, vol. 53(C), pages 54-66.
    7. Yang, Xiaojun & Carlsson, Fredrik, 2012. "Intra-household decisions making on intertemporal choices: An experimental study in rural China," Working Papers in Economics 537, University of Gothenburg, Department of Economics.

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