TY  - RPRT
        AU  - Cheung, Stephen L.
        TI  - Eliciting Utility Curvature in Time Preference
        PY  - 2019/Aug/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 12535
        UR  - https://www.iza.org/index.php/publications/dp12535
        AB  - This paper examines the effects of alternative assumptions regarding the curvature of utility upon estimated discount rates in experimental data. To do so, it introduces a novel design to elicit time preference building upon a translation of the Holt and Laury method for risk. The results demonstrate that utility elicited directly from choice over time is significantly concave, but far closer to linear than utility elicited under risk. As a result, the effect of adjusting discount rates for this curvature is modest compared to assuming linear utility, and considerably less than when utility from a risk preference task is imposed. 
        KW  - time preference
KW  - measurement of utility
KW  - discounted utility
KW  - choice list
        ER  -