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| Author: | Ahlbrecht, M. Weber, M. |
| Title: | An empirical study on intertemporal decision making under risk |
| Journal: | Management Science
1997 : JUN, VOL. 43:6, p. 813-826 |
| Index terms: | DECISION MAKING RISK INVESTMENT PLANNING UNCERTAINTY |
| Language: | eng |
| Abstract: | This paper investigates intertemporal choice and compares the cases of certainty and risk. It was found that the results are sensitive to the elicitation procedure used. For matching tasks the short-long term asymmetry, a larger discount rate for the first period than for subsequent ones, persist for risk and certainty, which was not confirmed through choice tasks. Exponential discounting may be a valid description of pairwise choice, while hyperbolic discounting more accurately describes pricing behavior. Using matching, gains and losses were discounted at equal rates. With matching , risky outcomes are discounted less than equally attractive certain ones. |
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