We examine the impact of a large high-school financial education program on the intertemporal choices of adolescents. We randomly assigned the program among a sample of almost 1,000 students and measured their intertemporal choices using an incentivized experiment. While intertemporal choices in...

The preference to receive benefits as early as possible and delay costs as much as possible is natural for people. That means a positive discount rate in the intertemporal choice, which is a common assumption in economics. However, as research in behavioral economics proves, in certain...

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...