Individual decision-making experiment with risk and intertemporal choice: a replication study

Morone, Andrea and Casamassima, Alessia and Cascavilla, Alessandro (2020): Individual decision-making experiment with risk and intertemporal choice: a replication study.

Abstract

We replicate the experiment proposed by Lisa R. Anderson and Sarah L. Stafford (2009) by conducting it through the Instagram platform. The structure of questionnaire is the same as the one of the original experiment inasmuch subjects might choose between two options that differ in resolution timing. According to the experimental results, we show that the percentage of subjects choosing later option increases as the value of the later option increases, and the percentage of subjects choosing later option is smaller the longer the temporal delay between two options. We found that risk does not make subjects less patient and there are interactions between risk and the length temporal delay.

• Item Type: MPRA Paper
• Language: English
• Keywords: Intertemporal decision-making; Risk; Intertemporal choice; Experiment.
• Subjects: C - Mathematical and Quantitative Methods > C9 - Design of Experiments > C91 - Laboratory, Individual Behavior; D - Microeconomics > D8 - Information, Knowledge, and Uncertainty

References

Anderson L.R., Stafford S.L., (2009), “Individual decision-making experiment with risk and intertemporal choice”, Journal of Risk and Uncertainty, Vol. 38, n.1

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Von Neumann, J., & Morgenstern, O. (1947), “Theory of games and economic behavior", Princeton, NJ: Princeton University Press.