Paper #1671

Título:

Random models for the joint treatment of risk and time preferences

Autores:

Jose Apesteguia, Miguel Ángel Ballester y Angelo Gutierrez

Fecha:

Septiembre 2019

Resumen:

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.

Palabras clave:

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

Códigos JEL:

C01, D01.

Área de investigación:

Microeconomía

Descargar el paper en formato PDF