We study preferences over lotteries that pay a xed prize at an uncertain future date: what we call time lotteries. The … standard model of risk and time preferences, Expected Discounted Utility, implies that individuals must be risk seeking towards … contributions are theoretical. First, we show that risk aversion over time lotteries can be captured by a generalization of Expected …

possibly mixed strategies. While a good notion of subgame-perfect equilibrium for continuous-time games is not available in … one for discrete-time games. Many timing games in continuous time have only equilibria in mixed strategies - in particular …