Sleepiness, choice consistency, and risk preferences
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2016, Springer Science+Business Media New York. 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. (Am Econ Rev 27(5):19211938, 2007), design]. We find that choices of circadian matched and mismatched subject are statistically similar in terms of satisfying basic requirements for preference consistency. However, mismatched subjects tend to choose riskier asset bundles.
author list (cited authors)
Castillo, M., Dickinson, D. L., & Petrie, R.
complete list of authors
Castillo, Marco||Dickinson, David L||Petrie, Ragan