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.
Full text not available from this repository.
Official URL: http://edoc.unibas.ch/56072/
Downloads: Statistics Overview
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 |
Repository Staff Only: item control page