Eliciting Prospect Theory When Consequences Are Measured in Time Units: "Time Is Not Money"

Mohammed Abdellaoui and Emmanuel Kemel ()

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Abstract: We elicited the prospect theory components (utility, probability weighting, and loss aversion) when consequences are expressed as the time dedicated to a specific task or activity. A similar elicitation was performed for monetary consequences to allow an across-attribute (time/money) comparison of the elicited components (at the individual level). We obtained less concave utility and smaller loss aversion for time than for money. Moreover, while the probability weighting was predominantly inverse S-shaped for both attributes, it was less sensitive to probabilities and more elevated for time than for money. This finding implies more optimism for gains and more pessimism for losses.

Keywords: time risk; expected utility; prospect theory; reference point; utility; probability weighting; decision weights; loss aversion (search for similar items in EconPapers)
Date: 2013-12
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Citations: View citations in EconPapers (4)

Published in Management Science, 2013, 60 (7), pp.1844-1859. ⟨10.1287/mnsc.2013.1829⟩

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Journal Article: Eliciting Prospect Theory When Consequences Are Measured in Time Units: “Time Is Not Money” (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01069187

DOI: 10.1287/mnsc.2013.1829

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