Let the sunshine in? The effects of luminance on economic preferences, choice consistency and dominance violations

Paul W. Glimcher and Agnieszka Tymula

No 2015-11, Working Papers from University of Sydney, School of Economics

Abstract: Weather, in particular the intensity and duration of sunshine (luminance), has been shown to significantly affect market outcomes. Yet, because of the complexity of market interactions we do not know how human behavior is affected by luminance in a way that could inform microeconomic choice models. In this paper, we use data from an incentive compatible, decision making experiment conducted daily over a period of two years and from the US Earth System Research Laboratory luminance sensor to investigate the impact of luminance on risk preferences, ambiguity preferences, choice consistency and dominance violations. We find that luminance levels affect all of these. Age and gender influence the strength of some of these effects.

Date: 2015-05
New Economics Papers: this item is included in nep-cbe and nep-exp
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