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- W1837751213 abstract "Almost all important decisions in people's lives entail risky and delayed consequences. Regardless of whether we make choices involving health, wealth, love or education, almost every choice involves uncertain costs and benefits that take time to materialize. Because risk and delay often arise simultaneously, theories of decision making should be capable of explaining behavior when both risk and and delay are present. There is, in fact, a growing body of evidence that risk tolerance and patience interact in important ways. Here we show that the risk of survival of future prospects conjointly with people's proneness to Allais-type behavior generates a unifying framework for explaining time-dependent risk taking, risk-dependent time discounting, hyperbolic time discounting, preferences for late resolution of uncertainty, the co-existence of increasing relative risk aversion and the magnitude effect in time discounting, as well as other puzzling interaction effects between risk and time." @default.
- W1837751213 created "2016-06-24" @default.
- W1837751213 creator A5004263269 @default.
- W1837751213 creator A5063959224 @default.
- W1837751213 date "2012-11-12" @default.
- W1837751213 modified "2023-09-23" @default.
- W1837751213 title "The Missing Link: Unifying Risk Taking and Time Discounting" @default.
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