Publication: Uncertainty Breeds Decreasing Impatience: The Role of Risk Preferences in Time Discounting
Uncertainty Breeds Decreasing Impatience: The Role of Risk Preferences in Time Discounting
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Epper, T., Fehr-Duda, H., & Bruhin, A. (2009). Uncertainty Breeds Decreasing Impatience: The Role of Risk Preferences in Time Discounting (No. 412; Working Paper Series / Institute for Empirical Research in Economics).
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Future events are uncertain by their very nature. Therefore, people's risk preferences are likely to play a role in the valuation of allegedly guaranteed future outcomes. We show that future uncertainty conjointly with people's proneness to nonlinear probability weighting generates a unifying framework for explaining many anomalies in intertemporal choice, such as hyperbolic discounting and subadditivity of discount factors. Moreover, our approach implies that higher uncertainty of future prospects increases the hyperbolicity of disco
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Epper, T., Fehr-Duda, H., & Bruhin, A. (2009). Uncertainty Breeds Decreasing Impatience: The Role of Risk Preferences in Time Discounting (No. 412; Working Paper Series / Institute for Empirical Research in Economics).
