10.17889/E109078
Miao, Bin
Zhong, Songfa
Replication data for: Risk Preferences Are Not Time Preferences: Separating Risk and Time Preference: Comment
ICPSR Inter-university Consortium for Political and Social Research
2014
10.1257/aer.20131183
10.1257/aer.20131183
V0
Andreoni and Sprenger (2012a,b) observe that utility functions are
distinct for risk and time preferences, and show that their findings
are consistent with a preference for certainty. We revisit this
question in an enriched experimental setting in which subjects make
intertemporal decisions under different risk conditions. The observed choice behavior supports a separation between risk attitude and intertemporal substitution rather than a preference for certainty. We further show that several models, including Epstein and Zin (1989); Chew and Epstein (1990); and Halevy (2008) exhibit such a separation and can account for the overall experimental findings. (JEL C91, D81, D91)