The combined effects of risk and time on choice: Does uncertainty eliminate the immediacy effect? Does delay eliminate the certainty effect?

Weber, Bethany J.; Chapman, Gretchen B.

doi:10.1016/j.obhdp.2005.01.001

Cited by 137 publications

(171 citation statements)

References 16 publications

Supporting

Mentioning

156

Contrasting

Unclassified

Order By: Relevance

“…Recently, the hallmark of dynamic inconsistency, diminishing impatience through time, has been argued to be generated by differential risk on present and future payments (for psychological evidence, see Keren and Roelofsma, 1995;Weber and Chapman, 2005).…”

Section: Discussionmentioning

confidence: 99%

Risk Preferences Are Not Time Preferences

Andreoni

Sprenger

2012

American Economic Review

414

249

View full text Add to dashboard Cite

Risk and time are intertwined. The present is known while the future is inherently risky. Discounted expected utility provides a simple, coherent structure for analyzing decisions in intertemporal, uncertain environments. Critical to such analysis is the notion that certain and uncertain utility are functionally interchangeable. We document an important and robust violation of discounted expected utility, which is essentially a violation of this interchangeability. In parameter estimations, certain utility is found to be almost linear while uncertain utility is found to be substantially more concave. These results have implications for discounted expected utility theory and decision theory in general. Applications are made to dynamic inconsistency, the uncertainty effect, the estimation of risk preferences, and probability weighting.JEL classification: D81, D90

show abstract

Section: Discussionmentioning

confidence: 99%

Risk Preferences Are Not Time Preferences

Andreoni

Sprenger

2012

American Economic Review

414

249

View full text Add to dashboard Cite

show abstract

“…22 Keren and Roelofsma (1995) and Weber and Chapman (2005) find that when applying increasing levels of risk to both present and future payments, present bias decreases substantially. Our experimental methodology is designed to eliminate differential risk between sooner and later payments.…”

Section: Hyperbolic Discounting and Present Biasmentioning

confidence: 99%

Estimating Time Preferences from Convex Budgets

Andreoni

Sprenger

2012

American Economic Review

507

131

View full text Add to dashboard Cite

Experimentally elicited discount rates are frequently higher than what one would infer from market interest rates and seem unreasonable for economic decision-making. Such high rates have often been attributed to dynamic inconsistency, as in present bias and hyperbolic discounting. A commonly recognized bias of standard elicitation techniques is the use of linear preferences for identification. We present a novel methodology for identifying time preferences, both discounting and utility function curvature, from simple allocation decisions. We estimate annual discount rates substantially lower than normally obtained, and limited though significant utility function curvature. Additionally, our data show no evidence of dynamic inconsistency.JEL classification: D81, D90

show abstract

“…In comparison, the non-expert sample within this research were expected to evidence relatively little knowledge (in terms of equivalency to the experts) and also be affected by the immediacy (in terms of both their environment and the perception of a possible threat) of the required decision. Weber and Chapman (2005), for example, investigated the possibility of a relationship between the time available to make a 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 a t …”

Section: Interview Designmentioning

confidence: 99%

Multi-storey residential buildings and occupant’s behaviour during fire evacuation in the UK

Gerges

Penn

Moore

et al. 2018

IJBPA

View full text Add to dashboard Cite

Purpose The purpose of this paper is to investigate human behaviour during fire evacuations in multi-storey residential buildings through a focus on the challenges and obstacles that occupants face. In addition, the paper aims to study all the various behaviours that are relevant to the evacuation strategies/plans in the UK of multi-storey buildings in large cities. Design/methodology/approach A literature review was conducted to identify the factors occupants face and also the decision making of occupants regarding the methods of egress. A mixed methods research was adopted using interviews and a questionnaire survey. The findings from the interviews and survey are benchmarked against the information gathered from the literature review. Findings The paper identifies various challenges that occupants face when evacuating a multi-storey residential building. In terms of the decision-making process, the research results evidence that occupants could be given more information on the evacuation procedures within their specific building. The paper also finds that occupants remain reluctant to use a lift during evacuation in fire event, irrespective of any signage clearly stating that is appropriate to do so in the context of modern lift technology. Originality/value This paper contributes to the body of knowledge available on the evacuation of multi-storey buildings located in large cities within the UK, outlining the potential areas for future research, focussed on providing an insight of the behavioural decisions made by the occupants make when evacuating a building in the event of a fire.

show abstract

The combined effects of risk and time on choice: Does uncertainty eliminate the immediacy effect? Does delay eliminate the certainty effect?

Cited by 137 publications

References 16 publications

Risk Preferences Are Not Time Preferences

Risk Preferences Are Not Time Preferences

Estimating Time Preferences from Convex Budgets

Multi-storey residential buildings and occupant’s behaviour during fire evacuation in the UK

Contact Info

Product

Resources

About