论文标题
风险和跨时间偏好超过时间彩票
Risk and Intertemporal Preferences over Time Lotteries
论文作者
论文摘要
本文研究公理之间关于个人际风险的跨期选择的关系。重点是随时间彩票（RATL）的风险避开风险，这意味着固定奖品比具有相同货币奖励但随机交付时间的彩票优先。尽管调查和实验室实验记录了RATL的选择，但预期的折扣实用程序无法容纳任何RATL。本文的贡献是两个方面。首先，在一种非常弱的独立性形式下，我们概括了Ratl与两个公理有关跨颞下选择的不相容性：随机性不耐烦（SI）和没有未来的偏见。接下来，我们证明了一个表示定理，该定理给出了一类满足Ratl和Si到处的模型。这说明了Ratl和Si之间没有基本冲突，并且将Ratl行为是由未来偏见引起的开放可能性。
This paper studies relations among axioms on individuals' intertemporal choices under risk. The focus is on Risk Averse over Time Lotteries (RATL), meaning that a fixed prize is preferred to a lottery with the same monetary prize but a random delivery time. Though surveys and lab experiments documented RATL choices, Expected Discounted Utility cannot accommodate any RATL. This paper's contribution is two-fold. First, under a very weak form of Independence, we generalize the incompatibility of RATL with two axioms about intertemporal choices: Stochastic Impatience (SI) and No Future Bias. Next, we prove a representation theorem that gives a class of models satisfying RATL and SI everywhere. This illustrates that there is no fundamental conflict between RATL and SI, and leaves open possibility that RATL behavior is caused by Future Bias.
