Publication: Viewing the Future through a Warped Lens: Why Uncertainty Generates Hyperbolic Discounting
Viewing the Future through a Warped Lens: Why Uncertainty Generates Hyperbolic Discounting
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Epper, T., Fehr-Duda, H., & Bruhin, A. (2010). Viewing the Future through a Warped Lens: Why Uncertainty Generates Hyperbolic Discounting (No. 510; Working Paper Series / Institute for Empirical Research in Economics).
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A large body of experimental research has demonstrated that, on average, people violate the axioms of expected utility theory as well as of discounted utility theory. In particular, aggregate behavior is best characterized by probability distortions and hyperbolic discounting. But is it the same people who are prone to these behaviors? Based on an experiment with salient monetary incentives we demonstrate that there is a strong and significant relationship between greater departures from linear probability weighting and the degree of
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Epper, T., Fehr-Duda, H., & Bruhin, A. (2010). Viewing the Future through a Warped Lens: Why Uncertainty Generates Hyperbolic Discounting (No. 510; Working Paper Series / Institute for Empirical Research in Economics).
