Conference
Robustness of Inferences in Risk and Time Experiments to Lifecycle Asset Integration
| العنوان: | Robustness of Inferences in Risk and Time Experiments to Lifecycle Asset Integration |
|---|---|
| المؤلفون: | Bostian, Aj Allen, Heinzel, Christoph |
| المساهمون: | University of Tampere Finland, Structures et Marché Agricoles, Ressources et Territoires (SMART-LERECO), Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)-INSTITUT AGRO 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), Lille Economie Management (LEM-CNRS), IÉSEG School of Management, University of Lille |
| المصدر: | 69. Annual Meeting of the French Economic Association (AFSE) https://hal.inrae.fr/hal-03357845 69. Annual Meeting of the French Economic Association (AFSE), Lille Economie Management (LEM-CNRS), IÉSEG School of Management, University of Lille, Jun 2021, Lille (virtual), France |
| بيانات النشر: | HAL CCSD |
| سنة النشر: | 2021 |
| مصطلحات موضوعية: | Risk aversion, Consumption smoothing, Discount rate, Asset integration, Experiment, JEL: C - Mathematical and Quantitative Methods/C.C0 - General, JEL: D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D81 - Criteria for Decision-Making under Risk and Uncertainty, JEL: D - Microeconomics/D.D1 - Household Behavior and Family Economics, [SHS.ECO]Humanities and Social Sciences/Economics and Finance |
| جغرافية الموضوع: | Lille (virtual), France |
| الوصف: | International audience ; Participants in an experiment can engage in unobservable asset integration, mentally incorporating their own non-experimental "field" resources into an otherwise controlled scenario. This paper extends asset integration to include intertemporal tradeoffs like consumption smoothing. A model of "lifecycle asset integration" shows that exogenous and endogenous field resources cause different interference patterns. Exogenous resources cannot be affected by the experiment, and so their interference can be controlled by accounting for their level. Endogenous resources, by contrast, are highly substitutable with the experiment, and their interference can be controlled only by modeling the entire experiment-field interaction. The model's practical implications are investigated in the context of three classic laboratory experiments on risk and time: one static (Holt and Laury, 2002) and two dynamic (Andersen et al., 2008; Andreoni and Sprenger, 2012). As interference worsens, decisions in these tasks tend to exhibit a kind of attenuation bias toward less risk aversion and more patience. Interference occurs reliably when field resources are on household scales, but amounts on the scale of pocket change can also cause problems. |
| نوع الوثيقة: | conference object |
| اللغة: | English |
| Relation: | hal-03357845; https://hal.inrae.fr/hal-03357845 |
| الاتاحة: | https://hal.inrae.fr/hal-03357845 |
| رقم الانضمام: | edsbas.88999419 |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |