NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Paul J. Feldman

University of California, San Diego
Dept of Economics # 0508
9500 Gilman Drive
La Jolla , CA 93093

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: UC San Diego

NBER Working Papers and Publications

November 2017A Stream of Prospects or a Prospect of Streams: On the Evaluation of Intertemporal Risks
with James Andreoni, Charles Sprenger: w24075
Recent debate has identified important gaps in the understanding of intertemporal risks. Critical to closing these gaps is evidence on which dimension of intertemporal risk – the risk or the time – is evaluated first. Though under discounted expected utility this ordering is of no consequence, under discounted non-expected utility models the order of evaluation is critical. We provide experimental tests in which different orderings of evaluation generate different predictions for behavior. We find more support for the notion that the risk dimension is evaluated first.
 
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