Paper #1671

Títol:

Random models for the joint treatment of risk and time preferences

Autors:

Jose Apesteguia, Miguel Ángel Ballester i Angelo Gutierrez

Data:

Setembre 2019

Resum:

We develop a simple, tractable and sound stochastic framework for the joint treatment of risk and time preferences, in order to facilitate the estimation of risk and time attitudes. In so doing we: (i) study deterministic models of risk and time preferences paying special attention to their comparative statics, (ii) embed the deterministic models and their comparative statics within the random utility framework, and (iii) show how to estimate them, illustrating this exercise on several experimental datasets.

Paraules clau:

Risk preferences, time preferences, comparative statics, stochastic choice, random utility models, discrete choice.

Codis JEL:

C01, D01.

Àrea de Recerca:

Microeconomia

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