Academic literature on the topic 'Time preferences'

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Journal articles on the topic "Time preferences"

1

Miao, Bin, and Songfa Zhong. "Comment on “Risk Preferences Are Not Time Preferences”: Separating Risk and Time Preference." American Economic Review 105, no. 7 (2015): 2272–86. http://dx.doi.org/10.1257/aer.20131183.

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Andreoni and Sprenger (2012a,b) observe that utility functions are distinct for risk and time preferences, and show that their findings are consistent with a preference for certainty. We revisit this question in an enriched experimental setting in which subjects make intertemporal decisions under different risk conditions. The observed choice behavior supports a separation between risk attitude and intertemporal substitution rather than a preference for certainty. We further show that several models, including Epstein and Zin (1989); Chew and Epstein (1990); and Halevy (2008) exhibit such a separation and can account for the overall experimental findings. (JEL C91, D81, D91)
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2

Andreoni, James, and Charles Sprenger. "Risk Preferences Are Not Time Preferences." American Economic Review 102, no. 7 (2012): 3357–76. http://dx.doi.org/10.1257/aer.102.7.3357.

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Risk and time are intertwined. The present is known while the future is inherently risky. This is problematic when studying time preferences since uncontrolled risk can generate apparently present-biased behavior. We systematically manipulate risk in an intertemporal choice experiment. Discounted expected utility performs well with risk, but when certainty is added common ratio predictions fail sharply. The data cannot be explained by prospect theory, hyperbolic discounting, or preferences for resolution of uncertainty, but seem consistent with a direct preference for certainty. The data suggest strongly a difference between risk and time preferences. (JEL C91 D81 D91)
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3

Zhou, Yinglian, and Jifeng Chen. "Time Series Geographic Social Network Dynamic Preference Group Query." International Journal of Information Systems in the Service Sector 13, no. 4 (2021): 18–39. http://dx.doi.org/10.4018/ijisss.2021100102.

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Driven by experience and social impact of the new life, user preferences continue to change over time. In order to make up for the shortcomings of existing geographic social network models that often cannot obtain user dynamic preferences, a time-series geographic social network model was constructed to detect user dynamic preferences, a dynamic preference value model was built for user dynamic preference evaluation, and a dynamic preferences group query (DPG) was proposed in this paper . In order to optimize the efficiency of the DPG query algorithm, the UTC-tree index user timing check-in record is designed. UTC-tree avoids traversing all user check-in records in the query, accelerating user dynamic preference evaluation. Finally, the DPG query algorithm is used to implement a well-interacted DPG query system. Through a large number of comparative experiments, the validity of UTC-tree and the scalability of DPG query are verified.
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4

Cohen, Jonathan, Keith Marzilli Ericson, David Laibson, and John Myles White. "Measuring Time Preferences." Journal of Economic Literature 58, no. 2 (2020): 299–347. http://dx.doi.org/10.1257/jel.20191074.

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We review research that measures time preferences—i.e., preferences over intertemporal trade—offs. We distinguish between studies using financial flows, which we call “money earlier or later” (MEL) decisions, and studies that use time-dated consumption/effort. Under different structural models, we show how to translate what MEL experiments directly measure (required rates of return for financial flows) into a discount function over utils. We summarize empirical regularities found in MEL studies and the predictive power of those studies. We explain why MEL choices are driven in part by some factors that are distinct from underlying time preferences. (JEL C61, D15)
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5

BYKVIST, KRISTER. "All Time Preferences?" Theoria 65, no. 1 (2008): 36–54. http://dx.doi.org/10.1111/j.1755-2567.1999.tb00113.x.

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6

Cheung, Stephen L. "Comment on “Risk Preferences Are Not Time Preferences”: On the Elicitation of Time Preference under Conditions of Risk." American Economic Review 105, no. 7 (2015): 2242–60. http://dx.doi.org/10.1257/aer.20120946.

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Andreoni and Sprenger (2012a, b) report evidence that distinct utility functions govern choices under certainty and risk. I investigate the robustness of this result to the experimental design. I find that the effect disappears completely when a multiple price list instrument is used instead of a convex time budget design. Alternatively, the effect is reduced by half when sooner and later payment risks are realized using a single lottery instead of two independent lotteries. The result is thus at least partially driven by intertemporal diversification, supporting an explanation in terms of concavity of the intertemporal, and not only atemporal, utility function. (JEL C91, D81, D91)
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7

Harrison, Glenn W., Andre Hofmeyr, Don Ross, and J. Todd Swarthout. "Risk Preferences, Time Preferences, and Smoking Behavior." Southern Economic Journal 85, no. 2 (2018): 313–48. http://dx.doi.org/10.1002/soej.12275.

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8

Andreoni, James, and Charles Sprenger. "Risk Preferences Are Not Time Preferences: Reply." American Economic Review 105, no. 7 (2015): 2287–93. http://dx.doi.org/10.1257/aer.20150311.

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Can the well-known experimental phenomenon of present-bias in intertemporal choice be confounded with the risks associated with receiving payment? Can measurements of risk preferences be used to represent desires for smoothness in intertemporal payments? In our two 2012 papers in this journal we explored these two questions and found the answer to the first to be yes and the second to be no. We feel the three papers inspired by our work and published here underscore these arguments and point to interesting new possibilities for modeling and measuring risk over time. (JEL C91, D81, D91)
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9

Chen, Shou, and Guangbing Li. "Time-Inconsistent Preferences, Retirement, and Increasing Life Expectancy." Mathematical Problems in Engineering 2019 (January 10, 2019): 1–9. http://dx.doi.org/10.1155/2019/8681471.

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We study consumption behavior, retirement decisions, and endogenous growth within a dynamic equilibrium when individuals have present-biased preferences. Compared to individual with exponential preferences, individual with hyperbolic preferences will choose to retire early for present-biased preferences but to delay retirement for the initial time preference rate. We extend the benchmark equilibrium model to age-dependent survival law and solve numerically the equilibrium effects. It shows that, at the same age, the consumption-capital ratio may have slightly positive effect on increasing life expectancy before retirement but has a significantly positive effect on it after retirement.
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10

Stamps, Arthur E. "Of Time and Preference: Temporal Stability of Environmental Preferences." Perceptual and Motor Skills 85, no. 3 (1997): 883–96. http://dx.doi.org/10.2466/pms.1997.85.3.883.

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Time is a central issue in discussions about art and in Berlyne's aesthetic theory. This article reports on the temporal stabilities of preferences for a novel and controversial building at three times after construction (2 years, 18 years, 23 years), and public preferences for 20 ordinary and noncontroversial buildings at three times over nine years. In all there were 5543 respondents. Analyses suggested that the initial response to the novel building was stable over the next 23 years, and the public responses for the 20 nonnovel buildings were stable over nine years. Implications for research are discussed.
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