TY  - RPRT
        AU  - Cheung, Stephen L.
        TI  - Risk Preferences Are Not Time Preferences: Comment
        PY  - 2012/Jul/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 6762
        UR  - https://www.iza.org/index.php/publications/dp6762
        AB  - Andreoni and Sprenger (in press) report evidence that distinct utility functions govern choices under certainty and risk. I investigate the robustness of their result to the experimental design. I find that the effect disappears completely when a multiple price list is used instead of a convex time budget design. Also, the effect is reduced by half when sooner and later payment risks are realized using a single lottery instead of two independent lotteries. The result is thus partially driven by intertemporal diversification, suggesting an explanation in terms of concavity of the intertemporal, and not only the atemporal, utility function.
        KW  - intertemporal choice
KW  - risk and certainty
KW  - convex time budget
KW  - multiple price list
        ER  -