标题： 风险和跨期偏好在时间彩票上 显示英文标题

标题： Risk and Intertemporal Preferences over Time Lotteries

摘要： 本文研究了个体在风险下的跨时期选择中公理之间的关系。 重点是时间彩票上的风险厌恶（RATL），这意味着偏好固定的奖品而非具有相同货币奖品但随机交付时间的彩票。 尽管调查和实验室实验记录了RATL的选择，但期望折扣效用无法容纳任何RATL。 本文的贡献有两个方面。 首先，在一种非常弱的独立性形式下，我们推广了RATL与关于跨时期选择的两个公理之间的不相容性：随机不耐（SI）和无未来偏差。 接下来，我们证明了一个表示定理，给出了满足RATL和SI的所有地方的一类模型。 这说明RATL与SI之间没有根本性的冲突，并且留下了RATL行为可能是由未来偏差引起的可能性。 显示英文摘要

摘要： This paper studies relations among axioms on individuals' intertemporal choices under risk. The focus is on Risk Averse over Time Lotteries (RATL), meaning that a fixed prize is preferred to a lottery with the same monetary prize but a random delivery time. Though surveys and lab experiments documented RATL choices, Expected Discounted Utility cannot accommodate any RATL. This paper's contribution is two-fold. First, under a very weak form of Independence, we generalize the incompatibility of RATL with two axioms about intertemporal choices: Stochastic Impatience (SI) and No Future Bias. Next, we prove a representation theorem that gives a class of models satisfying RATL and SI everywhere. This illustrates that there is no fundamental conflict between RATL and SI, and leaves open possibility that RATL behavior is caused by Future Bias.