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People Wait Longer when the Alternative is Risky: The Relation Between Preferences in Risky and Inter-temporal Choice

Luckman, Ashley and Donkin, Chris and Newell, Ben R.. (2017) People Wait Longer when the Alternative is Risky: The Relation Between Preferences in Risky and Inter-temporal Choice. Journal of Behavioral Decision Making.

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Official URL: http://edoc.unibas.ch/56072/

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Abstract

In two experiments, we demonstrate that despite indicating indifference when probed about risk or delay in isolation, when forced to explicitly trade-off between the two, participants prefer delayed over risky rewards. This pattern of findings sets a boundary condition for any common utility-based comparison process involving both risk and delay. Furthermore, this change from indifference-in-isolation to delay-preference-in-a-trade-off strengthens as reward amount increases. Exploratory modeling results suggest that the shift in preference can be explained by allowing for different discount rates for delay-only choices compared with when delay is in competition with risk. This explanation is better than one in which probability weighting is different between risk-only choices and risks considered in the presence of a delay. Together, the empirical and modeling work lays a path for future investigations of why and when people's evaluation of the properties of risky and delayed choices vary as a function of the alternatives on offer.
Faculties and Departments:07 Faculty of Psychology > Departement Psychologie > Society & Choice > Economic Psychology (Rieskamp)
UniBasel Contributors:Luckman, Ashley James
Item Type:Article, refereed
Article Subtype:Research Article
Publisher:Wiley
ISSN:0894-3257
e-ISSN:1099-0771
Note:Publication type according to Uni Basel Research Database: Journal article
Identification Number:
Last Modified:23 Oct 2017 10:10
Deposited On:23 Oct 2017 10:10

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