Comparing attitudes toward time and toward money in experienced-based decisions
| العنوان: | Comparing attitudes toward time and toward money in experienced-based decisions |
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| المؤلفون: | Muriel Travers, Emmanuel Kemel |
| المساهمون: | Groupe de Recherche Angevin en Economie et Management (GRANEM), Université d'Angers (UA)-AGROCAMPUS OUEST, Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut National de l'Horticulture et du Paysage, Institut National de l'Horticulture et du Paysage-AGROCAMPUS OUEST, Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement (Institut Agro)-Université d'Angers (UA), Université d'Angers (UA)-AGROCAMPUS OUEST-Institut National de l'Horticulture et du Paysage |
| المصدر: | Theory and Decision Theory and Decision, Springer Verlag, 2015, pp.1-30. ⟨10.1007/s11238-015-9490-3⟩ |
| بيانات النشر: | HAL CCSD, 2015. |
| سنة النشر: | 2015 |
| مصطلحات موضوعية: | Real incentives, Experience-based decisions, media_common.quotation_subject, General Decision Sciences, 050105 experimental psychology, Time, [SHS]Humanities and Social Sciences, Optimism, Arts and Humanities (miscellaneous), 0502 economics and business, Developmental and Educational Psychology, Econometrics, Economics, errors, 0501 psychology and cognitive sciences, Mixed modeling, 050207 economics, Sequential sampling, Function (engineering), Applied Psychology, media_common, Actuarial science, 05 social sciences, General Social Sciences, Sampling (statistics), Computer Science Applications, Weighting, Incentive, General Economics, Econometrics and Finance, Probability weighting |
| الوصف: | International audience; This paper reports an experimental comparison of attitudes toward time and toward money in experience-based decisions. Preferences were elicited under rank-dependent utility for prospects with two or three consequences expressed either in time or in monetary units. Probabilities were unknown but learned through sampling. More specifically, time and money were compared under two conditions. In a first experiment, both consequences and probabilities of prospects were unknown and learned through sequential sampling. In a second experiment, the possible consequences were revealed after the sampling. A real incentive system was implemented for both time and money. The heterogeneity of preferences was assessed for time and for money through individual and mixed modeling estimations. We observe that the nature of consequences (time or money) modifies probability weighting in terms of elevation and sensitivity. Subjects exhibit more optimism and less sensitivity to probability changes when deciding about time than about money. Revealing the consequences impacts the shape of the utility function and leaves probability weighting unchanged. We also observe that the real incentives have no effect except for the reduction in decision errors. This effect is stronger for money than for time. |
| اللغة: | English |
| تدمد: | 0040-5833 1573-7187 |
| DOI: | 10.1007/s11238-015-9490-3⟩ |
| URL الوصول: | https://explore.openaire.eu/search/publication?articleId=doi_dedup___::fea43c7f2fe60ca8f4d71ffca0776643 https://hal.archives-ouvertes.fr/hal-01392758 |
| Rights: | CLOSED |
| رقم الانضمام: | edsair.doi.dedup.....fea43c7f2fe60ca8f4d71ffca0776643 |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 00405833 15737187 |
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| DOI: | 10.1007/s11238-015-9490-3⟩ |