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Risk tolerance in the present and the future: an experimental study

✍ Scribed by Charles Noussair; Ping Wu

Publisher
John Wiley and Sons
Year
2006
Tongue
English
Weight
133 KB
Volume
27
Category
Article
ISSN
0143-6570

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✦ Synopsis

Abstract

We design an experiment to study the consistency of risk preferences between lotteries that are resolved and paid in the present versus in the future. The results show that a substantial fraction of subjects (38.6%) exhibits a greater level of risk aversion for lotteries resolved and paid in the present than in the future. Additional treatments suggest that the effect is neither specific to gambles that are realized immediately, nor is due to steep discounting of future payoffs. Our experiment suggests that risk tolerance increases the farther in the future the gamble is realized. Copyright Β© 2006 John Wiley & Sons, Ltd.

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