We formulate a general theory of preferences over outcome-time-probability triplets and decompose uncertainty into risk and hazard. We define the delay, defer, shift and certainty functions that can be uniquely elicited from behaviour. These individually determine stationarity, the common...

In this paper, we propose an approach to describe the behavior of naive agents with quasi-hyperbolic discounting in the neoclassical growth model. To study time-inconsistent decision making of an agent who cannot commit to future actions, we introduce the notion of sliding equilibrium and dis-...

This paper examines the role of spousal trust in intra-household decision making through its potential of inciting the creation of information asymmetries in the presence of resource unobservability. We experimentally elicit spousal trust and trustworthiness by means of a binary trust game to...

Individuals often report that they regret not having saved more for retirement. This fact raises concerns about the financial security of retirees and about the adequacy of traditional economic models in making predictions that are consistent with regret about having saved too little for...

In this paper we propose a multi-objective decision framework for lifecycle investment choice. Instead of optimizing individual strategies with respect to a single-valued objective, we suggest evaluation of classes of strategies in terms of the quality of the tradeoffs that they provide. The...

This paper analyzes in a within-subjects experiment time preferences when people decide for themselves and on behalf of others. The data show that subjects become more impatient when making decisions, which affect the payoff of others. The change can be explained by altruistic subjects who...

This paper analyzes in a within-subjects experiment time preferences when peopledecide for themselves and on behalf of others. The data show that subjects becomemore impatient when making decisions, which affect the payoff of others. Thechange can be explained by altruistic subjects who increase...

Prospect Theory is the most prominent contender of expected utility theory to describe decisions under risk. In atemporal contexts, prospect theory is well understood. In intertemporal contexts, however, it is not clear how prospect theory should be applied (in particular, whether probabilities...

This study analyses the factors influencing coaching decisions when substituting players, particularly in light of the rule change from three to five permitted substitutions. To this end, 161 coaches and their decisions are analysed in 1,836 Bundesliga matches from 2017/2018 to 2022/2023,...

The body of literature on the relationship between risk aversion and wealth is extensive. However, little attention has been given to examining how future realizations of wealth might affect (current) risk decisions. Using paired lottery choice experiments and exposing subjects experimentally to...