We run an experiment designed to elicit preferences over state contingent, timed payouts. We analyze the data using a new revealed preference method (building on Nishimura, Ok, and Quah (2017)) that can test for consistency with utility functions that increase with a given preorder. Using this...

In accounting for the phenomenon of present bias, the hyperbolic discounting and quasi-hyperbolic discounting models have distinct predictions beyond today. We provide experimental evidence supporting diminishing rate of discounting beyond present period under careful experimental controls. In...

In the studies of decision making under risk and time, an increasingly important question is whether the utility representations should be the same for both circumstances. This study aims to test the separation between risk preference and time preference in a controlled laboratory setting, where...