Random models for the joint treatment of risk and time preferences
Jose Apesteguia (),
Miguel Ángel Ballester and
Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra
We develop a simple, tractable and sound stochastic framework for the joint treatment of risk and time preferences, in order to facilitate the estimation of risk and time attitudes. In so doing we: (i) study deterministic models of risk and time preferences paying special attention to their comparative statics, (ii) embed the deterministic models and their comparative statics within the random utility framework, and (iii) show how to estimate them, illustrating this exercise on several experimental datasets.
Keywords: Risk preferences; time preferences; comparative statics; stochastic choice; random utility models; discrete choice. (search for similar items in EconPapers)
JEL-codes: C01 D01 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dcm and nep-upt
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Working Paper: Random Models for the Joint Treatment of Risk and Time Preferences (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:upf:upfgen:1671
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