Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/79662
Authors: 
Wölbert, Eva
Riedl, Arno
Year of Publication: 
2013
Series/Report no.: 
CESifo Working Paper 4339
Abstract: 
To accurately predict behavior economists need reliable measures of individual time preferences and attitudes toward risk and typically need to assume stability of these characteristics over time and across decision domains. We test the reliability of two choice tasks for eliciting discount rates, risk aversion, and probability weighting and assess the stability of these characteristics over time and across situations. We find high reliability and that individual characteristics are remarkably stable over time. The estimated parameters correlate well with self-reported decisions in financial domains, but are largely uncorrelated with decisions in other important life domains involving intertemporal trade-offs and risk.
Subjects: 
time discounting
risk aversion
probability weighting
reliability
stability
domain specificity
experiment
JEL: 
C18
C91
D03
D80
D90
Document Type: 
Working Paper

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