We study preferences over lotteries in which both the prize and the payment date are uncertain. In particular, atime lotteryis one in which the prize is fixed but the date is random. With Expected Discounted Utility, individuals must be riskseekingover time lotteries (RSTL). In an incentivized...

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 such lotteries (RSTL). In contrast, we show...

We study preferences over lotteries that pay a specific prize at uncertain future dates: time lotteries. The standard model of time preferences, Expected Discounted Utility (EDU), implies that individuals must be risk seeking in this case. As a motivation, we show in an incentivized experiment...

We study preferences over lotteries that pay a speci fic prize at uncertain future dates: time lotteries. The standard model of time preferences, Expected Discounted Utility (EDU), implies that individuals must be risk seeking in this case. As a motivation, we show in an incentivized experiment...