TY  - RPRT
        AU  - Castillo, Marco
AU  - Dickinson, David L.
AU  - Petrie, Ragan
        TI  - Sleepiness, Choice Consistency, and Risk Preferences
        PY  - 2014/Dec/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 8709
        UR  - https://www.iza.org/publications/dp8709
        AB  - We investigate the consistency and stability of individual risk preferences by manipulating cognitive resources. Participants are randomly assigned to an experiment session at a preferred time of day relative to their diurnal preference (circadian matched) or at a non-preferred time (circadian mismatched) and choose allocations between two risky assets (using the Choi et al., 2007, design). Consistency of behavior of circadian matched and mismatched subjects is statistically the same, however mismatched subjects tend to take more risks. We conclude that, consistent with several theories, preferences are rational yet can change depending on state-level cognitive resources.
        KW  - risky preference
KW  - sleep
KW  - choice consistency
        ER  -