Does Time Inconsistency Differ between Gain and Loss? An Intra-Personal Comparison Using a Non-Parametric Designed Experimen
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Keren, Gideon & Roelofsma, Peter, 1995. "Immediacy and Certainty in Intertemporal Choice," Organizational Behavior and Human Decision Processes, Elsevier, vol. 63(3), pages 287-297, September.
- Steffen Andersen & Glenn W. Harrison & Morten I. Lau & E. Elisabet Rutström, 2008. "Eliciting Risk and Time Preferences," Econometrica, Econometric Society, vol. 76(3), pages 583-618, May.
- Laibson, David, 1998. "Life-cycle consumption and hyperbolic discount functions," European Economic Review, Elsevier, vol. 42(3-5), pages 861-871, May.
- Kirsten Rohde, 2010. "The hyperbolic factor: A measure of time inconsistency," Journal of Risk and Uncertainty, Springer, vol. 41(2), pages 125-140, October.
- Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
- Yoram Halevy, 2008.
"Strotz Meets Allais: Diminishing Impatience and the Certainty Effect,"
American Economic Review, American Economic Association, vol. 98(3), pages 1145-1162, June.
- Halevy, Yoram, 2004. "Strotz meets Allais: Diminishing Impatience and the Certainty Effect," Microeconomics.ca working papers yoram_halevy-2004-16, Vancouver School of Economics, revised 25 Feb 2014.
- James Andreoni & Charles Sprenger, 2012.
"Estimating Time Preferences from Convex Budgets,"
American Economic Review, American Economic Association, vol. 102(7), pages 3333-3356, December.
- James Andreoni & Charles Sprenger, 2010. "Estimating Time Preferences from Convex Budgets," NBER Working Papers 16347, National Bureau of Economic Research, Inc.
- James Andreoni & Charles Sprenger, 2010. "Estimating Time Preferences from Convex Budgets," Levine's Working Paper Archive 814577000000000457, David K. Levine.
- Partha Dasgupta & Eric Maskin, 2005.
"Uncertainty and Hyperbolic Discounting,"
American Economic Review, American Economic Association, vol. 95(4), pages 1290-1299, September.
- Partha Dasgupta & Eric Maskin, 2004. "Uncertainty and Hyperbolic Discounting," Economics Working Papers 0023, Institute for Advanced Study, School of Social Science.
- Anand, Paul & Pattanaik, Prasanta & Puppe, Clemens (ed.), 2009. "The Handbook of Rational and Social Choice," OUP Catalogue, Oxford University Press, number 9780199290420.
- Thaler, Richard, 1981. "Some empirical evidence on dynamic inconsistency," Economics Letters, Elsevier, vol. 8(3), pages 201-207.
- Mohammed Abdellaoui & Han Bleichrodt & Olivier l'Haridon & Corina Paraschiv, 2013.
"Is There One Unifying Concept of Utility?An Experimental Comparison of Utility Under Risk and Utility Over Time,"
Management Science, INFORMS, vol. 59(9), pages 2153-2169, September.
- Mohammed Abdellaoui & Han Bleichrodt & Olivier L’haridon & Corina Paraschiv, 2013. "Is There One Unifying Concept of Utility?An Experimental Comparison of Utility Under Risk and Utility Over Time," Post-Print halshs-00816056, HAL.
- Arthur E. Attema & Han Bleichrodt & Kirsten I. M. Rohde & Peter P. Wakker, 2010. "Time-Tradeoff Sequences for Analyzing Discounting and Time Inconsistency," Management Science, INFORMS, vol. 56(11), pages 2015-2030, November.
- Drazen Prelec, 2004. "Decreasing Impatience: A Criterion for Non‐stationary Time Preference and “Hyperbolic” Discounting," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(3), pages 511-532, October.
- Read, Daniel, 2001. "Is Time-Discounting Hyperbolic or Subadditive?," Journal of Risk and Uncertainty, Springer, vol. 23(1), pages 5-32, July.
- Daniel Kahneman & Amos Tversky, 2013.
"Prospect Theory: An Analysis of Decision Under Risk,"
World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127,
World Scientific Publishing Co. Pte. Ltd..
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Drazen Prelec & George Loewenstein, 1998. "The Red and the Black: Mental Accounting of Savings and Debt," Marketing Science, INFORMS, vol. 17(1), pages 4-28.
- Takeuchi, Kan, 2011. "Non-parametric test of time consistency: Present bias and future bias," Games and Economic Behavior, Elsevier, vol. 71(2), pages 456-478, March.
- Manel Baucells & Franz H. Heukamp, 2012. "Probability and Time Trade-Off," Management Science, INFORMS, vol. 58(4), pages 831-842, April.
- Theodore G. Ganiats & Richard T. Carson & Robert M. Hamm & Scott B. Cantor & Walton Sumner & Stephen J. Spann & Michael D. Hagen & Christopher Miller, 2000. "Population-based Time Preferences for Future Health Outcomes," Medical Decision Making, , vol. 20(3), pages 263-270, July.
- James Andreoni & Charles Sprenger, 2012.
"Risk Preferences Are Not Time Preferences,"
American Economic Review, American Economic Association, vol. 102(7), pages 3357-3376, December.
- James Andreoni & Charles Sprenger, 2010. "Risk Preferences Are Not Time Preferences," Levine's Working Paper Archive 814577000000000452, David K. Levine.
- Yoram Halevy, 2015.
"Time Consistency: Stationarity and Time Invariance,"
Econometrica, Econometric Society, vol. 83, pages 335-352, January.
- Halevy, Yoram, 2012. "Time Consistency: Stationarity and Time Invariance," Microeconomics.ca working papers yoram_halevy-2012-39, Vancouver School of Economics, revised 25 Feb 2015.
- Mohammed Abdellaoui & Han Bleichrodt & Olivier l’Haridon, 2013.
"Sign-dependence in intertemporal choice,"
Journal of Risk and Uncertainty, Springer, vol. 47(3), pages 225-253, December.
- Mohammed Abdellaoui & Han Bleichrodt & Olivier L’haridon, 2013. "Sign-dependence in intertemporal choice," Post-Print halshs-00846590, HAL.
- Shane Frederick & George Loewenstein & Ted O'Donoghue, 2002. "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 40(2), pages 351-401, June.
- Uri Benzion & Amnon Rapoport & Joseph Yagil, 1989. "Discount Rates Inferred from Decisions: An Experimental Study," Management Science, INFORMS, vol. 35(3), pages 270-284, March.
- George Loewenstein & Drazen Prelec, 1992. "Anomalies in Intertemporal Choice: Evidence and an Interpretation," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 573-597.
- Jane E. J. Ebert & Drazen Prelec, 2007. "The Fragility of Time: Time-Insensitivity and Valuation of the Near and Far Future," Management Science, INFORMS, vol. 53(9), pages 1423-1438, September.
- Han Bleichrodt & Yu Gao & Kirsten I. M. Rohde, 2016. "A measurement of decreasing impatience for health and money," Journal of Risk and Uncertainty, Springer, vol. 52(3), pages 213-231, June.
- Serdar Sayman & Ayse Öncüler, 2009. "An Investigation of Time Inconsistency," Management Science, INFORMS, vol. 55(3), pages 470-482, March.
- Mohammed Abdellaoui, 2000. "Parameter-Free Elicitation of Utility and Probability Weighting Functions," Management Science, INFORMS, vol. 46(11), pages 1497-1512, November.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Shotaro Shiba & Kazumi Shimizu, 2018. "Does time inconsistency differ between gain and loss? An intra-personal comparison using a non-parametric elicitation method (A revised version)," Working Papers 1807, Waseda University, Faculty of Political Science and Economics.
- Shotaro Shiba & Kazumi Shimizu, 2020. "Does time inconsistency differ between gain and loss? An intra-personal comparison using a non-parametric elicitation method," Theory and Decision, Springer, vol. 88(3), pages 431-452, April.
- Mohammed Abdellaoui & Han Bleichrodt & Olivier l’Haridon, 2013.
"Sign-dependence in intertemporal choice,"
Journal of Risk and Uncertainty, Springer, vol. 47(3), pages 225-253, December.
- Mohammed Abdellaoui & Han Bleichrodt & Olivier L’haridon, 2013. "Sign-dependence in intertemporal choice," Post-Print halshs-00846590, HAL.
- Stefan A. Lipman & Arthur E. Attema, 2024. "A systematic review of unique methods for measuring discount rates," Journal of Risk and Uncertainty, Springer, vol. 69(2), pages 145-189, October.
- Arthur E. Attema & Han Bleichrodt & Kirsten I. M. Rohde & Peter P. Wakker, 2010. "Time-Tradeoff Sequences for Analyzing Discounting and Time Inconsistency," Management Science, INFORMS, vol. 56(11), pages 2015-2030, November.
- Laurent Denant-Boemont & Enrico Diecidue & Olivier l’Haridon, 2017.
"Patience and time consistency in collective decisions,"
Experimental Economics, Springer;Economic Science Association, vol. 20(1), pages 181-208, March.
- Laurent Denant-Boèmont & Enrico Diecidue & Olivier L'Haridon, 2013. "Patience and Time Consistency in Collective Decisions," Economics Working Paper Archive (University of Rennes & University of Caen) 201329, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
- Laurent Denant-Boemont & Enrico Diecidue & Olivier L’haridon, 2017. "Patience and time consistency in collective decisions," Post-Print halshs-01306949, HAL.
- Sebastian Schweighofer-Kodritsch, 2015. "Time Preferences and Bargaining," STICERD - Theoretical Economics Paper Series /2015/568, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Abdellaoui, Mohammed & Kemel, Emmanuel & Panin, Amma & Vieider, Ferdinand M., 2019.
"Measuring time and risk preferences in an integrated framework,"
Games and Economic Behavior, Elsevier, vol. 115(C), pages 459-469.
- Mohammed Abdellaoui & Emmanuel Kemel & Amma Panin & Ferdinand Vieider, 2019. "Measuring time and risk preferences in an integrated framework," Post-Print hal-03329772, HAL.
- Kirsten I. M. Rohde, 2019. "Measuring Decreasing and Increasing Impatience," Management Science, INFORMS, vol. 65(4), pages 1700-1716, April.
- Anke Gerbe & Kirsten I.M. Rohde, 2010. "Risk and Preference Reversals in Intertemporal Choice," Post-Print hal-00911832, HAL.
- Jinrui Pan & Craig S. Webb & Horst Zank, 2019. "Delayed probabilistic risk attitude: a parametric approach," Theory and Decision, Springer, vol. 87(2), pages 201-232, September.
- Gerber, Anke & Rohde, Kirsten I.M., 2010. "Risk and preference reversals in intertemporal choice," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 654-668, December.
- Robin Chark & Soo Chew & Songfa Zhong, 2015. "Extended present bias: a direct experimental test," Theory and Decision, Springer, vol. 79(1), pages 151-165, July.
- Andersen, Steffen & Harrison, Glenn W. & Lau, Morten I. & Rutström, E. Elisabet, 2014.
"Discounting behavior: A reconsideration,"
European Economic Review, Elsevier, vol. 71(C), pages 15-33.
- Steffen Andersen & Glenn W. Harrison & Morten Lau & Elisabet E. Rutstroem, 2011. "Discounting Behavior: A Reconsideration," Department of Economics Working Papers 2011_01, Durham University, Department of Economics.
- Jeeva Somasundaram & Vincent Eli, 2022. "Risk and time preferences interaction: An experimental measurement," Journal of Risk and Uncertainty, Springer, vol. 65(2), pages 215-238, October.
- Takeuchi, Kan, 2011. "Non-parametric test of time consistency: Present bias and future bias," Games and Economic Behavior, Elsevier, vol. 71(2), pages 456-478, March.
- Ali al-Nowaihi & Sanjit Dhami, 2021. "Preferences over Time and under Uncertainty: Theoretical Foundations," CESifo Working Paper Series 9215, CESifo.
- Daniele Pennesi, 2017.
"Uncertain discount and hyperbolic preferences,"
Theory and Decision, Springer, vol. 83(3), pages 315-336, October.
- Daniele Pennesi, 2015. "Uncertain discount and hyperbolic preferences," THEMA Working Papers 2015-02, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- Mohammed Abdellaoui & Olivier l'Haridon & Corina Paraschiv, 2013. "Do Couples Discount Future Consequences Less than Individuals?," Economics Working Paper Archive (University of Rennes & University of Caen) 201320, Center for Research in Economics and Management (CREM), University of Rennes, University of Caen and CNRS.
- Dorian Jullien, 2016. "Under Uncertainty, Over Time and Regarding Other People: Rationality in 3D," GREDEG Working Papers 2016-20, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
More about this item
NEP fields
This paper has been announced in the following NEP Reports:- NEP-CBE-2017-10-08 (Cognitive and Behavioural Economics)
- NEP-EXP-2017-10-08 (Experimental Economics)
- NEP-UPT-2017-10-08 (Utility Models and Prospect Theory)
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wap:wpaper:1714. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Haruko Noguchi (email available below). General contact details of provider: https://edirc.repec.org/data/spwasjp.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.