Publication: Comment on "risk preferences are not time preferences": balancing on a budget line
Comment on "risk preferences are not time preferences": balancing on a budget line
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Epper, T., & Fehr-Duda, H. (2015). Comment on “risk preferences are not time preferences”: balancing on a budget line. American Economic Review, 105, 2261–2271. https://doi.org/10.1257/aer.20130420
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In a recent experimental study of intertemporal risky decision making, Andreoni and Sprenger (2012) find that subjects exhibit a preference for intertemporal diversification, which is inconsistent with discounted expected utility theory. It was claimed that their results are also at odds with models involving probability weighting, such as rank-dependent utility and cumulative prospect theory. Here we demonstrate, however, that rank-dependent probability weighting explains intertemporal diversification if decision makers care about po
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- Epper, Thomas
- Fehr-Duda, Helga
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Epper, T., & Fehr-Duda, H. (2015). Comment on “risk preferences are not time preferences”: balancing on a budget line. American Economic Review, 105, 2261–2271. https://doi.org/10.1257/aer.20130420
