Library.bib

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@article{Bursztyn2025,
	abstract = {Individuals might experience negative utility from not consuming a popular product. With such externalities to nonusers, standard consumer surplus measures, which take aggregate consumption as given, fail to appropriately capture consumer welfare. We propose an approach to account for these externalities and apply it to estimate consumer welfare from two social media platforms: {TikTok} and Instagram. Incentivized experiments with college students indicate positive welfare based on the standard measure but negative welfare when accounting for these nonuser externalities. Our findings high-light the existence of product market traps, where active users of a platform prefer it not to exist.},
	author = {Bursztyn, Leonardo and Handel, Benjamin and Jim{\'e}nez-Dur{\'a}n, Rafael and Roth, Christopher},
	date = {2025-12},
	date-added = {2025-11-30 11:02:11 +0100},
	date-modified = {2025-11-30 11:03:41 +0100},
	doi = {10.1257/aer.20231468},
	issn = {0002-8282, 1944-7981},
	journal = {American Economic Review},
	journaltitle = {American Economic Review},
	langid = {english},
	number = {12},
	pages = {4105--4136},
	shortjournal = {Am. Econ. Rev.},
	shorttitle = {When Product Markets Become Collective Traps},
	title = {When Product Markets Become Collective Traps: The Case of Social Media},
	url = {https://pubs.aeaweb.org/doi/10.1257/aer.20231468},
	volume = {115},
	year = {2025},
	bdsk-url-1 = {https://pubs.aeaweb.org/doi/10.1257/aer.20231468},
	bdsk-url-2 = {https://doi.org/10.1257/aer.20231468}}

@article{Bierbrauer2022,
	author = {Felix Bierbrauer and Aleh Tsyvinski and Nicolas Werquin},
	date-added = {2023-03-25 14:21:28 +0100},
	date-modified = {2023-03-25 14:21:28 +0100},
	doi = {10.1257/aer.20171927},
	journal = {American Economic Review},
	month = {2},
	number = {2},
	pages = {689-719},
	title = {Taxes and Turnout: When the Decisive Voter Stays at Home},
	volume = {112},
	year = {2022},
	bdsk-url-1 = {https://doi.org/10.1257/aer.20171927}}

@article{Dertwinkel-Kalt2022,
	abstract = {We present novel findings on intertemporal choice that cannot be explained by discounted utility, including hyperbolic discounting. In a series of lab experiments, we let subjects allocate money to earlier and later payoffs. We vary within-subject whether these payoffs are concentrated in a single period or dispersed over multiple periods. Our results show that intertemporal choice is affected by concentration bias: First, individuals allocate less money to later payoffs when these are dispersed than when they are concentrated. Second, individuals allocate more money to later payoffs when the earlier payoffs are dispersed than when they are concentrated. The design of our experiment permits distinguishing between competing theoretical explanations of the observed effect. Despite the prevalence of dispersed payoffs and costs in everyday life, our study is the first to investigate whether spreading payoffs over time has a causal effect on intertemporal choice.},
	author = {Dertwinkel-Kalt, Markus and Gerhardt, Holger and Riener, Gerhard and Schwerter, Frederik and Strang, Louis},
	date-added = {2023-03-24 18:14:26 +0100},
	date-modified = {2023-03-24 18:14:26 +0100},
	doi = {10.1093/restud/rdab043},
	journal = {Review of Economic Studies},
	month = {5},
	number = {3},
	pages = {1314--1334},
	title = {{Concentration Bias in Intertemporal Choice}},
	volume = {89},
	year = {2022},
	bdsk-url-1 = {https://www.dropbox.com/s/dv20mcu0qkygmjz/Concentration_Bias_in_Intertemporal_Choice.pdf}}

@article{Lisi1995,
	adsurl = {https://adsabs.harvard.edu/abs/1995JPhA...28.5385L},
	archiveprefix = {arXiv},
	author = {Lisi, A.~Garrett},
	date-added = {2022-01-25 07:08:19 +0100},
	date-modified = {2022-01-25 07:48:11 +0100},
	doi = {10.1088/0305-4470/28/18/026},
	eprint = {hep-th/9410244},
	issn = {1361-6447},
	journal = {Journal of Physics~A: Mathematical and General},
	month = {Sep},
	number = {18},
	pages = {5385--5392},
	publisher = {IOP Publishing},
	title = {{A~solitary wave solution of the Maxwell--Dirac equations}},
	url = {https://doi.org/10.1088/0305-4470/28/18/026},
	volume = {28},
	year = {1995},
	bdsk-url-1 = {http://dx.doi.org/10.1088/0305-4470/28/18/026}}

@book{Knuth1984,
	address = {Reading, MA, USA},
	author = {Donald~E. Knuth},
	date-added = {2019-08-09 16:49:24 +0200},
	date-modified = {2019-08-09 17:07:05 +0200},
	isbn = {0-201-13447-0},
	keywords = {Computerized typesetting; Mathematics printing},
	pages = {483},
	publisher = {Addison-Wesley},
	title = {The TeXbook},
	year = {1984}}

@article{Schulreich2016,
	author = {Schulreich, Stefan and Gerhardt, Holger and Hee\-ke\-ren, Hauke~R.},
	date-added = {2019-07-19 13:02:48 +0200},
	date-modified = {2019-07-22 10:51:23 +0200},
	doi = {10.1037/emo0000124},
	issn = {1931-1516},
	journal = {Emotion},
	month = {April},
	number = {3},
	pages = {402--412},
	title = {{Incidental Fear Cues Increase Monetary Loss Aversion}},
	url = {http://psycnet.apa.org/psycinfo/2015-52358-001/ http://doi.apa.org/getdoi.cfm?doi=10.1037/emo0000124},
	volume = {16},
	year = {2016},
	bdsk-url-1 = {http://psycnet.apa.org/psycinfo/2015-52358-001/%20http://doi.apa.org/getdoi.cfm?doi=10.1037/emo0000124},
	bdsk-url-2 = {https://doi.org/10.1037/emo0000124}}

@article{Marsh2015,
	author = {Marsh, Nina and Scheele, Dirk and Gerhardt, Holger and Strang, Sabrina and Enax, Laura and Weber, Bernd and Maier, Wolfgang and Hurlemann, Ren{\'{e}}},
	date-added = {2019-07-19 13:02:32 +0200},
	date-modified = {2022-05-22 13:15:33 +0200},
	doi = {10.1523/jneurosci.3199-15.2015},
	journal = {Journal of Neuroscience},
	month = {nov},
	number = {47},
	pages = {15696--15701},
	title = {{The Neuro\-peptide Oxytocin Induces a Social Altruism Bias}},
	volume = {35},
	year = {2015},
	bdsk-url-1 = {https://doi.org/10.1523/JNEUROSCI.3199-15.2015}}

@article{Schulreich2014,
	abstract = {We often make decisions with uncertain consequences. The outcomes of the choices we make are usually not perfectly predictable but probabilistic and the probabilities can be known or unknown. Probability judgments, i.e., the assessment of unknown probabilities can be influenced by evoked emotional states. This suggests that also the weighting of known probabilities in decision making under risk might be influenced by incidental emotions, i.e., emotions unrelated to the judgments and decisions at issue. Probability weighting describes the transformation of probabilities into subjective decision weights for outcomes and is one of the central components of cumulative prospect theory (CPT) that determine risk attitudes. We hypothesized that music-evoked emotions would modulate risk attitudes in the gain domain and in particular probability weighting. Our experiment featured a within-subject design consisting of four conditions in separate sessions. In each condition, the 41 participants listened to a different kind of music---happy, sad, or no music, or sequences of random tones---and performed a repeated pairwise lottery choice task. We found that participants chose the riskier lotteries significantly more often in the ``happy'' than in the ``sad'' and ``random tones'' conditions. Via structural regressions based on CPT, we found that the observed changes in participants' choices can be attributed to changes in the elevation parameter of the probability weighting function: In the ``happy'' condition, participants showed significantly higher decision weights associated with the larger payoffs than in the ``sad'' and ``random tones'' conditions. Moreover, the elevation parameter correlated positively with self-reported music-evoked happiness. Thus, our experimental results provide evidence in favor of a causal effect of incidental happiness on risk attitudes that can be explained by changes in probability weighting.},
	author = {Schulreich, Stefan and Heussen, Yana~G. and Gerhardt, Holger and Mohr, Peter~N.~C. and Binkofski, Ferdinand~C. and Koelsch, Stefan and Hee\-ke\-ren, Hauke~R.},
	date-added = {2019-07-19 13:02:05 +0200},
	date-modified = {2021-11-09 23:45:35 +0100},
	doi = {10.3389/fpsyg.2013.00981},
	journal = {Frontiers in Psychology},
	month = {jan},
	number = {Article~981},
	pages = {1--17},
	title = {{Music-evoked incidental happiness modulates probability weighting dur\-ing risky lottery choices}},
	url = {http://www.frontiersin.org/decision_neuroscience/10.3389/fpsyg.2013.00981/abstract},
	volume = {4},
	year = {2014},
	bdsk-url-1 = {http://www.frontiersin.org/decision_neuroscience/10.3389/fpsyg.2013.00981/abstract},
	bdsk-url-2 = {https://doi.org/10.3389/fpsyg.2013.00981}}

@article{Strang2017,
	author = {Strang, Sabrina and Gerhardt, Holger and Marsh, Nina and {Oroz Artigas}, Sergio and Hu, Yang and Hurlemann, Ren{\'{e}} and Park, Soyoung~Q.},
	date-added = {2019-07-19 13:01:40 +0200},
	date-modified = {2021-11-09 23:43:43 +0100},
	doi = {10.1016/j.psyneuen.2017.01.031},
	issn = {03064530},
	journal = {Psychoneuroendocrinology},
	month = {April},
	pages = {229--232},
	publisher = {Elsevier Ltd},
	title = {{A~matter of distance---The effect of oxytocin on social discounting is empathy-de\-pen\-dent}},
	url = {http://linkinghub.elsevier.com/retrieve/pii/S030645301630868X},
	volume = {78},
	year = {2017},
	bdsk-url-1 = {http://linkinghub.elsevier.com/retrieve/pii/S030645301630868X},
	bdsk-url-2 = {https://doi.org/10.1016/j.psyneuen.2017.01.031}}

@article{Marsh2017,
	abstract = {Never before have individuals had to adapt to social environments defined by such magnitudes of ethnic diversity and cultural differentiation. However, neurobiological evidence informing about strategies to reduce xenophobic sentiment and foster altruistic cooperation with outsiders is scarce. In a series of experiments settled in the context of the current refugee crisis, we tested the propensity of 183 Caucasian participants to make donations to people in need, half of whom were refugees (outgroup) and half of whom were natives (ingroup). Participants scoring low on xenophobic attitudes exhibited an altruistic preference for the outgroup, which further increased after nasal delivery of the neuropeptide oxytocin. In contrast, participants with higher levels of xenophobia generally failed to exhibit enhanced altruism toward the outgroup. This tendency was only countered by pairing oxytocin with peer-derived altruistic norms, resulting in a 74\% increase in refugee-directed donations. Collectively, these findings reveal the underlying sociobiological conditions associated with outgroup-directed altruism by showing that charitable social cues co-occurring with enhanced activity of the oxytocin system reduce the effects of xenophobia by facilitating prosocial behavior toward refugees.},
	author = {Marsh, Nina and Scheele, Dirk and Feinstein, Justin~S. and Gerhardt, Holger and Strang, Sabrina and Maier, Wolfgang and Hurlemann, Ren{\'{e}}},
	date-added = {2019-07-19 12:52:27 +0200},
	date-modified = {2019-07-19 16:31:47 +0200},
	doi = {10.1073/pnas.1705853114},
	issn = {0027-8424},
	journal = {Proceedings of the National Academy of Sciences USA},
	keywords = {altruism,ingroup,outgroup,oxytocin,refugees},
	month = {aug},
	number = {35},
	pages = {9314--9319},
	title = {{Oxytocin-enforced norm compliance reduces xenophobic outgroup rejection}},
	volume = {114},
	year = {2017},
	bdsk-url-1 = {http://www.pnas.org/lookup/doi/10.1073/pnas.1705853114},
	bdsk-url-2 = {https://doi.org/10.1073/pnas.1705853114}}

@article{Behrens2017,
	abstract = {Understanding processes performed by an intact visual cortex as the basis for developing methods that enhance or restore visual perception is of great interest to both researchers and medical practitioners. Here, we explore whether contrast sensitivity, a main function of the primary visual cortex (V1), can be improved in healthy subjects by repetitive, noninvasive anodal transcranial direct current stimulation (tDCS). Contrast perception was measured via threshold perimetry directly before and after intervention (tDCS or sham stimulation) on each day over 5 consecutive days (24 subjects, double-blind study). tDCS improved contrast sensitivity from the second day onwards, with significant effects lasting 24 h. After the last stimulation on day 5, the anodal group showed a significantly greater improvement in contrast perception than the sham group (23 vs. 5\%). We found significant long-term effects in only the central 2--4$\,^{\circ}$ of the visual field 4 weeks after the last stimulation. We suspect a combination of two factors contributes to these lasting effects. First, the V1 area that represents the central retina was located closer to the polarization electrode, resulting in higher current density. Second, the central visual field is represented by a larger cortical area relative to the peripheral visual field (cortical magnification). This is the first study showing that tDCS over V1 enhances contrast perception in healthy subjects for several weeks. This study contributes to the investigation of the causal relationship between the external modulation of neuronal membrane potential and behavior (in our case, visual perception). Because the vast majority of human studies only show temporary effects after single tDCS sessions targeting the visual system, our study underpins the potential for lasting effects of repetitive tDCS-induced modulation of neuronal excitability.},
	author = {Behrens, Janina~R. and Kraft, Antje and Irlbacher, Kerstin and Gerhardt, Holger and Olma, Manuel~C. and Brandt, Stephan~A.},
	date-added = {2019-07-19 12:51:47 +0200},
	date-modified = {2025-11-30 14:05:04 +0100},
	doi = {10.3389/fncel.2017.00238},
	issn = {1662-5102},
	journal = {Frontiers in Cellular Neuroscience},
	keywords = {contrast sensitivity,noninvasive brain stimulation,plasticity,primary visual cortex,transcranial direct current stimulation,visual perceptual learning},
	month = {8},
	number = {Article~238},
	pages = {1--10},
	title = {{Long-Lasting Enhancement of Visual Perception with Repetitive Non\-invasive Transcranial Direct Current Stimulation}},
	volume = {11},
	year = {2017},
	bdsk-url-1 = {http://journal.frontiersin.org/article/10.3389/fncel.2017.00238/full},
	bdsk-url-2 = {https://doi.org/10.3389/fncel.2017.00238}}

@article{Casaburi2019,
	abstract = {Despite extensive evidence that preferences are often time-inconsistent, there is only scarce evidence of willingness to pay for commitment. Infrequent payments for frequently provided goods and services are a common feature of many markets and they may naturally provide commitment to save for lumpy expenses. Multiple experiments in the Kenyan dairy sector show that: (i) farmers are willing to incur sizable costs to receive infrequent payments as a commitment device, (ii) poor contract enforcement, however, limits competition among buyers in the supply of infrequent payments. We then present a model of demand and supply of infrequent payments and test its additional predictions.},
	author = {Casaburi, Lorenzo and Macchiavello, Rocco},
	date-added = {2019-03-21 20:00:04 +0100},
	date-modified = {2019-03-21 20:00:04 +0100},
	doi = {10.1257/aer.20180281},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {feb},
	number = {2},
	pages = {523--555},
	title = {{Demand and Supply of Infrequent Payments as a Commitment Device: Evidence from Kenya}},
	url = {https://pubs.aeaweb.org/doi/10.1257/aer.20180281},
	volume = {109},
	year = {2019},
	bdsk-url-1 = {https://pubs.aeaweb.org/doi/10.1257/aer.20180281},
	bdsk-url-2 = {https://doi.org/10.1257/aer.20180281}}

@article{Eisenhauer2015,
	abstract = {The literature on treatment effects focuses on gross benefits from program participation. We extend this literature by developing conditions under which it is possible to identify parameters measuring the cost and net surplus from program participation. Using the generalized Roy model, we nonparametrically identify the cost, benefit, and net surplus of selection into treatment without requiring the analyst to have direct information on costs. We apply our methodology to estimate the gross benefit and net surplus of attending college.},
	author = {Eisenhauer, Philipp and Heckman, James J. and Vytlacil, Edward},
	date-added = {2019-03-20 17:45:28 +0100},
	date-modified = {2019-03-20 17:45:28 +0100},
	doi = {10.1086/679498},
	isbn = {6211813430},
	issn = {0022-3808},
	journal = {Journal of Political Economy},
	keywords = {Cost-Benefit Analysis,Returns and Costs to Education,Treatment Effects},
	month = {apr},
	number = {2},
	pages = {413--443},
	title = {{The Generalized Roy Model and the Cost-Benefit Analysis of Social Programs}},
	url = {https://www.journals.uchicago.edu/doi/10.1086/679498},
	volume = {123},
	year = {2015},
	bdsk-url-1 = {https://www.journals.uchicago.edu/doi/10.1086/679498},
	bdsk-url-2 = {https://doi.org/10.1086/679498}}

@article{Henrich2005,
	abstract = {Researchers from across the social sciences have found consistent deviations from the predictions of the canonical model of self-interest in hundreds of experiments from around the world. This research, however, cannot determine whether the uniformity results from universal patterns of human behavior or from the limited cultural variation available among the university students used in virtually all prior experimental work. To address this, we undertook a cross-cultural study of behavior in ultimatum, public goods, and dictator games in a range of small-scale societies exhibiting a wide variety of economic and cultural conditions. We found, first, that the canonical model - based on self-interest - fails in all of the societies studied. Second, our data reveal substantially more behavioral variability across social groups than has been found in previous research. Third, group-level differences in economic organization and the structure of social interactions explain a substantial portion of the behavioral variation across societies: the higher the degree of market integration and the higher the payoffs to cooperation in everyday life, the greater the level of prosociality expressed in experimental games. Fourth, the available individual-level economic and demographic variables do not consistently explain game behavior, either within or across groups. Fifth, in many cases experimental play appears to reflect the common interactional patterns of everyday life.},
	author = {Henrich, Joseph and Boyd, Robert and Bowles, Samuel and Camerer, Colin and Fehr, Ernst and Gintis, Herbert and McElreath, Richard and Alvard, Michael and Barr, Abigail and Ensminger, Jean and {Smith Henrich}, Natalie and Hill, Kim and Gil-White, Francisco and Gurven, Michael and Marlowe, Frank W. and Patton, John Q. and Tracer, David},
	date-added = {2019-02-25 19:06:53 +0100},
	date-modified = {2019-02-25 19:31:01 +0100},
	doi = {10.1017/S0140525X05000142},
	issn = {0140-525X},
	journal = {Behavioral and Brain Sciences},
	keywords = {Altruism,Cooperative Behavior,Cross-Cultural Comparison,Culture,Humans,Psychological Theory,Social Behavior},
	month = {dec},
	number = {6},
	pages = {795--815; discussion 815--55},
	pmid = {16372952},
	title = {\enquote{{E}conomic man} in cross-cultural perspective: {B}ehavioral experiments in 15 small-scale societies},
	url = {http://www.ncbi.nlm.nih.gov/pubmed/16372952},
	volume = {28},
	year = {2005},
	bdsk-url-1 = {http://www.ncbi.nlm.nih.gov/pubmed/16372952},
	bdsk-url-2 = {https://doi.org/10.1017/S0140525X05000142}}

@book{Kagel2016,
	address = {Princeton, NJ, USA},
	date-added = {2018-10-31 12:02:57 +0100},
	date-modified = {2018-10-31 14:15:09 +0100},
	editor = {Kagel, John~H. and Roth, Alvin~E.},
	isbn = {9780691139999},
	publisher = {Princeton University Press},
	title = {The Handbook of Experimental Economics},
	volume = {2},
	year = {2016}}

@inproceedings{Beute2012,
	address = {Eindhoven, The Netherlands},
	author = {Beute, Femke and de Kort, Yvonne A. W.},
	booktitle = {Proceedings of Experiencing Light 2012: International Conference on the Effects of Light on Wellbeing},
	date-added = {2018-10-31 11:11:21 +0100},
	date-modified = {2025-11-30 14:06:05 +0100},
	editor = {de Kort, Y. A. W. and Aarts, M. P. J. and Beute, F. and Haans, A. and IJsselsteijn, W. A. and Lakens, D. and Smolders, K. C. H. J. and van Rijswijk, L.},
	isbn = {978-90-386-3300-8},
	month = {11},
	organization = {Eindhoven University of Technology},
	pages = {1--4},
	title = {{Always Look on the Bright Side of Life: Ego-Replenishing Effects of Daylight versus Artificial Light}},
	url = {http://2012.experiencinglight.nl/doc/41.pdf},
	year = {2012},
	bdsk-url-1 = {http://www.experiencinglight.nl/orals.html%20http://2012.experiencinglight.nl/doc/41.pdf}}

@inproceedings{Vosgerau2008,
	author = {Vosgerau, Joachim and Bruyneel, Sabrina and Dhar, Ravi and Wertenbroch, Klaus},
	booktitle = {Advances in Consumer Research},
	date-added = {2018-10-31 11:11:21 +0100},
	date-modified = {2018-10-31 11:11:21 +0100},
	pages = {217--220},
	publisher = {Association for Consumer Research},
	title = {{Ego Depletion and Cognitive Load: Same or Different Constructs?}},
	url = {http://www.acrwebsite.org/search/view-conference-proceedings.aspx?Id=13549},
	volume = {35},
	year = {2008},
	bdsk-url-1 = {http://www.acrwebsite.org/search/view-conference-proceedings.aspx?Id=13549}}

@incollection{Harrison2008,
	abstract = {We review the experimental evidence on risk aversion in controlled laboratory settings. We review the strengths and weaknesses of alternative elicitation procedures, the strengths and weaknesses of alternative estimation procedures, and finally the effect of controlling for risk attitudes on inferences in experiments.},
	address = {Bingley, UK},
	author = {Harrison, Glenn~W. and Rutstr\"{o}m, E.~Elisabet},
	booktitle = {Risk Aversion in Experiments},
	chapter = {1},
	date-added = {2018-10-29 14:11:35 +0100},
	date-modified = {2018-10-29 14:11:47 +0100},
	doi = {10.1016/S0193-2306(08)00003-3},
	editor = {Harrison, Glenn~W. and Cox, James~C.},
	isbn = {978-0-7623-1384-6},
	location = {{Bingley, UK}},
	pages = {41--196},
	publisher = {Emerald Group},
	series = {Research in Experimental Economics},
	title = {{Risk Aversion in the Laboratory}},
	volume = {12},
	year = {2008},
	bdsk-url-1 = {http://dx.doi.org/10.1016/S0193-2306(08)00003-3}}

@incollection{Harrison2005,
	abstract = {We design experiments to jointly elicit risk and time preferences for the adult Danish population. The experimental procedures build on laboratory experiments that have used traditional subject pools. The field experiments utilize field sampling designs that we developed, and procedures that were chosen to be relatively transparent in the field with non-standard subject pools. Our overall design was also intended to be a general template for such field experiments in other countries. We examine the characterization of risk over a wider domain for each subject than previous experiments, allowing more precise estimates of risk attitudes. We also examine individual discount rates over six time horizons, as the first stage in a panel experiment in which we revisit subjects to test consistency and stability of responses over time. Risk and time preferences are heterogeneous, varying by observable individual characteristics. On a methodological level, we implement a refinement of existing procedures which elicits much more precise estimates, and also mitigates framing effects.},
	author = {Harrison, Glenn W and Lau, Morten Igel and Rutstr{\"{o}}m, Elisabet E and Sullivan, Melonie B},
	booktitle = {Field Experiments in Economics},
	date-added = {2018-10-29 14:09:33 +0100},
	date-modified = {2018-10-29 14:09:33 +0100},
	doi = {10.1016/S0193-2306(04)10005-7},
	isbn = {0-7623-1174-6},
	pages = {125--218},
	title = {{Eliciting Risk and Time Preferences using Field Experiments: Some Methodological Issues}},
	year = {2005},
	bdsk-url-1 = {https://doi.org/10.1016/S0193-2306(04)10005-7}}

@article{Gerhardt2017,
	abstract = {A core prediction of recent ``dual-self'' models is that risk attitudes depend on self-control. While these models have received a lot of attention, empirical evidence regarding their predictions is lacking. We derive hypotheses from three prominent models for choices between risky monetary payoffs under regular and reduced self-control. We test the hypotheses in a lab experiment, using a well-established ego depletion task to reduce self-control, and measuring risk attitudes via finely graduated choice lists. Manipulation checks document the effectiveness of the depletion task. We find no systematic evidence in favor of the theoretical predictions. In particular, depletion does not increase risk aversion.},
	author = {Gerhardt, Holger and Schild\-berg-H{\"{o}}risch, Hannah and Will\-rodt, Jana},
	date-added = {2018-10-25 18:20:13 +0200},
	date-modified = {2025-11-30 13:58:49 +0100},
	doi = {10.1016/j.euroecorev.2017.09.004},
	issn = {00142921},
	journal = {European Economic Re\-view},
	keywords = {Dual-self models,Ego depletion,Experiment,Risk attitudes,Self-control},
	month = {11},
	pages = {463--487},
	publisher = {Elsevier B.V.},
	title = {{Does self-control depletion affect risk attitudes?}},
	url = {http://linkinghub.elsevier.com/retrieve/pii/S001429211730168X},
	volume = {100},
	year = {2017},
	bdsk-url-1 = {http://linkinghub.elsevier.com/retrieve/pii/S001429211730168X},
	bdsk-url-2 = {https://doi.org/10.1016/j.euroecorev.2017.09.004}}

@techreport{Dertwinkel-Kalt2017,
	abstract = {We present novel findings on intertemporal choice that cannot be explained by discounted utility, including hyperbolic discounting. In a series of lab experiments, we let subjects allocate money to earlier and later payoffs. We vary within-subject whether these payoffs are concentrated in a single period or dispersed over multiple periods. Our results show that intertemporal choice is affected by concentration bias: First, individuals allocate less money to later payoffs when these are dispersed than when they are concentrated. Second, individuals allocate more money to later payoffs when the earlier payoffs are dispersed than when they are concentrated. The design of our experiment permits distinguishing between competing theoretical explanations of the observed effect. Despite the prevalence of dispersed payoffs and costs in everyday life, our study is the first to investigate whether spreading payoffs over time has a causal effect on intertemporal choice.},
	address = {Bonn, Germany, et~al.},
	author = {Dertwinkel-Kalt, Markus and Gerhardt, Holger and Riener, Gerhard and Schwerter, Frederik and Strang, Louis},
	booktitle = {Working Paper},
	date-added = {2018-10-21 22:24:11 +0200},
	date-modified = {2025-11-30 13:58:29 +0100},
	institution = {University of Bonn et~al.},
	month = {5},
	title = {{Concentration Bias in Intertemporal Choice}},
	type = {working paper},
	url = {https://www.dropbox.com/s/dv20mcu0qkygmjz/Concentration_Bias_in_Intertemporal_Choice.pdf},
	year = {2017},
	bdsk-url-1 = {https://www.dropbox.com/s/dv20mcu0qkygmjz/Concentration_Bias_in_Intertemporal_Choice.pdf}}

@techreport{Augenblick2016,
	abstract = {We experimentally investigate the time-inconsistent taste for immediate gratification and future-preference misprediction. Across seven weeks, 100 participants choose the number unpleasant transcription tasks to complete immediately and at different future dates given various wages. Participants prefered 10-12% fewer tasks in the present compared to any future date, leading to an estimated $\beta$ of 0.83. Comparing predictions with actual immediate-work choices provides evidence against substantial sophistication, with individual estimations implying that participants understand 9-18% of their present bias. Finally, we find evidence of ``projection bias'': participants wished to complete 4-12% fewer tasks when decisions were elicited right after completing tasks than before.},
	address = {Berkeley, CA, USA},
	author = {Augenblick, Ned and Rabin, Matthew},
	date-added = {2017-05-13 16:42:49 +0000},
	date-modified = {2025-11-30 14:04:41 +0100},
	institution = {University of California, Berkeley},
	month = {10},
	title = {{An Experiment on Time Preference and Misprediction in Unpleasant Tasks}},
	type = {working paper},
	url = {http://faculty.haas.berkeley.edu/ned/Augenblick-Rabin_ExperimentOnTimePreference.pdf},
	year = {2016},
	bdsk-url-1 = {http://faculty.haas.berkeley.edu/ned/Augenblick-Rabin_ExperimentOnTimePreference.pdf}}

@article{Englmaier2017,
	abstract = {We study the price-setting behavior in a competitive market for used cars and provide empirical evidence for coarse information processing. Based on detailed field data from one of Europe's largest online marketplaces for automotive vehicles, we document systematic and sizable price discontinuities at salient car-age and mileage thresholds. The price difference between two otherwise identical cars across registration years (where one was first registered in January and the other in December of the previous year) is up to five times larger than that between two cars first registered in any two subsequent months within a registration year. A similar pattern can be observed in the mileage dimension at 10,000-km odometer marks, which is in line with earlier findings in the literature. Being able to study discontinuities along two dimensions of the same good allows us to further our understanding toward a more general notion of inattentive behavior. While our results are compatible with a behavioral model of limited attention, we also provide evidence for a more traditional explanation based on search frictions.},
	author = {Englmaier, Florian and Schm{\"{o}}ller, Arno and Stowasser, Till},
	date-added = {2017-05-13 12:13:00 +0000},
	date-modified = {2017-05-13 12:17:09 +0000},
	doi = {10.1287/mnsc.2016.2714},
	issn = {0025-1909},
	journal = {Management Science},
	keywords = {complex goods,heuris-,information neglect,price discontinuities},
	month = {apr},
	pages = {1--13},
	title = {{Price Discontinuities in an Online Market for Used Cars}},
	url = {http://pubsonline.informs.org/doi/10.1287/mnsc.2016.2714},
	volume = {Articles in Advance},
	year = {2017},
	bdsk-url-1 = {http://pubsonline.informs.org/doi/10.1287/mnsc.2016.2714},
	bdsk-url-2 = {http://dx.doi.org/10.1287/mnsc.2016.2714}}

@techreport{Balakrishnan2016,
	abstract = {Empirically observed intertemporal choices about money have long been thought to exhibit present bias, i.e. higher short-term compared to long-term discount rates. Recently, this view has been called into question on both empirical and theoretical grounds, and a spate of recent findings suggest that present bias for money is minimal or non-existent when one allows for curvature in the utility function and transaction costs are tightly controlled. However, an alternative interpretation of many of these findings is that, in the interest of equalizing transaction costs across earlier and later payments, small delays were introduced between the time of the experiment and the soonest payment. We conduct a laboratory experiment in Kenya in which we elicit time and risk preference parameters from 291 participants, using convex time budgets and tightly controlling for transaction costs. We make the soonest payments truly immediate, using the Kenyan mobile money system M-Pesa to make real-time transfers to subjects' phones. We find strong evidence of present bias, with estimates of the present bias parameter ranging from 0.901 to 0.937. This result suggests that present bias for money does in fact exist, but only for truly immediate payments.},
	author = {Balakrishnan, Uttara and Haushofer, Johannes and Jakiela, Pamela},
	booktitle = {IZA Discussion Paper},
	date-added = {2017-05-01 16:50:47 +0000},
	date-modified = {2025-11-30 14:04:57 +0100},
	keywords = {discount rate,experiment,mobile money,present bias},
	month = {1},
	series = {IZA Discussion Paper Series},
	title = {{How Soon Is Now? Evidence of Present Bias from Convex Time Budget Experiments}},
	type = {IZA Discussion Paper},
	url = {http://ftp.iza.org/dp9653.pdf},
	year = {2016},
	bdsk-url-1 = {http://ftp.iza.org/dp9653.pdf}}

@article{Akerlof1991,
	author = {Akerlof, George~A.},
	date-added = {2017-05-01 08:38:40 +0000},
	date-modified = {2025-11-30 13:59:54 +0100},
	journal = {American Economic Review},
	month = {5},
	number = {2~[AEA Papers \& Proceedings]},
	pages = {1--19},
	title = {{Procrastination and Obedience}},
	url = {http://www.jstor.org/stable/2006817},
	volume = {81},
	year = {1991},
	bdsk-url-1 = {http://www.jstor.org/stable/2006817}}

@techreport{Taubinsky2014,
	abstract = {A growing body of evidence suggests that people's inattention may be a significant friction in domains of behavior ranging from medical compliance, to financial decisions, to residential energy use. In this paper, I present a psychologically grounded model of inattentive choice and investigate its implications for dynamic decisions. The model ex- plains seemingly puzzling patterns of consumer behavior, makes novel predictions that I confirm in two experiments, and generates a rich set of market implications. Applied to repeated actions, the model provides an attention-based foundation for the formation of ``good'' habits in domains such as exercise or energy use. The model explains the recent evidence on the intertemporal spillover effects of temporary incentives, and makes testable predictions about when attention-focusing cues, such as reminders, will dampen or amplify the effects of incentives. Consistent with these predictions, the first experi- ment reported in this paper shows that while temporary interruptions to daily routines decrease subsequent performance of the behavior, reminders have the largest impact af- ter an interruption. Applied to tasks that must be completed by a deadline, the model identifies when longer deadlines will make people less likely to complete a task. But ad- ditionally, the model leads to new comparative statics, tested in the second experiment reported in this paper, about how reminders can eliminate the potentially perverse effect of longer deadlines. Finally, I apply the model to study market interactions between sophisticated firms and inattentive consumers: the model predicts how firms will take advantage of consumer's inattention through sales strategies such as rebates, and also leads to a dynamic theory of how firms use reminder advertisements to steer the behavior of inattentive consumers.},
	address = {Hanover, NH, USA},
	author = {Taubinsky, Dmitry},
	booktitle = {Working Paper},
	date-added = {2017-04-28 14:41:50 +0000},
	date-modified = {2025-12-16 23:06:21 +0100},
	institution = {Dartmouth College},
	month = {feb},
	title = {{From Intentions to Actions: A~Model and Experimental Evidence of Inattentive Choice}},
	type = {working paper},
	url = {https://www.dropbox.com/s/qy8h9qmdeaprrai/Intentions%20and%20Actions.pdf},
	year = {2014},
	bdsk-url-1 = {https://docs.google.com/viewer?a=v&pid=sites&srcid=ZGVmYXVsdGRvbWFpbnxkbWl0cnlwYXBlcnN8Z3g6NmIzYWM0MWIwNTc4MjkwNQ}}

@article{Thaler2004,
	abstract = {As firms switch from defined-benefit plans to defined-contribution plans, employees bear more responsibility for making decisions about how much to save. The employees who fail to join the plan or who participate at a very low level appear to be saving at less than the predicted life cycle savings rates. Behavioral explanations for this behavior stress bounded rationality and self-control and suggest that at least some of the low-saving households are making a mistake and would welcome aid in making decisions about their saving. In this paper, we propose such a prescriptive savings program, called Save More Tomorrow? (hereafter, the SMarT program). The essence of the program is straightforward: people commit in advance to allocating a portion of their future salary increases toward retirement savings. We report evidence on the first three implementations of the SMarT program. Our key findings, from the first implementation, which has been in place for four annual raises, are as follows: (1) a high proportion (78 percent) of those offered the plan joined, (2) the vast majority of those enrolled in the SMarT plan (80 percent) remained in it through the fourth pay raise, and (3) the average saving rates for SMarT program participants increased from 3.5 percent to 13.6 percent over the course of 40 months. The results suggest that behavioral economics can be used to design effective prescriptive programs for important economic decisions.},
	author = {Thaler, Richard H. and Benartzi, Shlomo},
	date-added = {2017-04-12 09:16:14 +0000},
	date-modified = {2017-04-28 14:38:33 +0000},
	doi = {10.1086/380085},
	isbn = {00223808},
	issn = {0022-3808},
	journal = {Journal of Political Economy},
	month = {feb},
	number = {S1},
	pages = {S164--S187},
	pmid = {4171493},
	title = {{Save More Tomorrow\textsuperscript{TM}: Using Behavioral Economics to Increase Employee Saving}},
	url = {http://www.jstor.org/stable/10.1086/380085},
	volume = {112},
	year = {2004},
	bdsk-url-1 = {http://www.jstor.org/stable/10.1086/380085},
	bdsk-url-2 = {http://dx.doi.org/10.1086/380085}}

@newspaper{Sullivan2016,
	annote = {A version of this article appears in print on March 27, 2016, on Page F2 of the New York edition with the headline: Fresh Thinking on Saving.},
	author = {Sullivan, Paul},
	date = {2016-03-27},
	date-added = {2017-04-11 11:04:21 +0000},
	date-modified = {2017-04-11 17:32:48 +0000},
	day = {27},
	edition = {New York edition},
	journal = {New York Times},
	month = {March},
	pages = {F2},
	title = {{Fresh Thinking on Saving}},
	url = {http://nytimes.com/2016/03/27/your-money/getting-workers-to-save-more-for-retirement.html},
	year = {2016},
	bdsk-url-1 = {https://nyti.ms/22KpeBP}}

@article{DellaVigna2005,
	abstract = {Workers who are more impatient search less intensively and set lower reservation wages. The effect of impatience on exit rates from unemployment is therefore unclear. If agents have exponential time preferences, the reservation wage effect dominates for sufficiently patient individuals, so increases in impatience lead to higher exit rates. The opposite is true for agents with hyperbolic time preferences. Using two large longitudinal data sets, we find that impatience measures are negatively correlated with search effort and the unemployment exit rate and are orthogonal to reservation wages. Impatience substantially affects outcomes in the direction predicted by the hyperbolic model.},
	author = {DellaVigna, Stefano and Paserman, M. Daniele},
	doi = {10.1086/430286},
	isbn = {0734306X},
	issn = {0734-306X},
	journal = {Journal of Labor Economics},
	number = {3},
	pages = {527--588},
	title = {{Job Search and Impatience}},
	volume = {23},
	year = {2005},
	bdsk-url-1 = {http://dx.doi.org/10.1086/430286}}

@article{Ashraf2006,
	author = {Ashraf, Nava and Karlan, Dean and Yin, Wesley},
	journal = {Quarterly Journal of Economics},
	number = {2},
	pages = {635--672},
	title = {{Tying Odysseus to the Mast: Evidence from a Commitment Savings Product in the Philippines}},
	volume = {121},
	year = {2006}}

@article{Paserman2008,
	abstract = {This article estimates the degree of hyperbolic discounting in a job search model quantitatively, using data on unemployment spells and accepted wages from the NLSY. The results point to a substantial degree of hyperbolic discounting for low and medium wage workers. The structural estimates are then used to evaluate alternative policy interventions aimed at reducing unemployment. The estim- ated effects of a given policy can vary by up to 40\%, depending on the assumed type of time discounting. Some interventions may raise the long-run utility of hyperbolic workers, and at the same time reduce unemployment duration and lower government expenditures.},
	author = {Paserman, M. Daniele},
	doi = {10.1111/j.1468-0297.2008.02175.x},
	isbn = {1468-0297},
	issn = {00130133},
	journal = {Economic Journal},
	number = {531},
	pages = {1418--1452},
	title = {{Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation}},
	volume = {118},
	year = {2008},
	bdsk-url-1 = {http://dx.doi.org/10.1111/j.1468-0297.2008.02175.x}}

@article{Gruber2004,
	abstract = {One of the most cogent criticisms of excise taxes is their regressivity, with lower income groups spending a much larger share of their income on goods such as cigarettes than do higher income groups. We argue that traditional quantity-based measures of incidence are only appropriate under a very restrictive "time-consistent" model of consumption of sin goods. A model that is much more consistent with existing evidence on smoking decisions is a time-inconsistent formulation where excise taxes on cigarettes serve a self-control function that is valued by smokers who would like to quit but cannot. This self-control function benefits lower income groups more, since they have a significantly higher price sensitivity of smoking. Calibrations show that, as a result, cigarette taxes are much less regressive than previously assumed, and are even progressive for a wide variety of parameter values. ?? 2003 Elsevier B.V. All rights reserved.},
	author = {Gruber, Jonathan and K\H{o}szegi, Botond},
	doi = {10.1016/j.jpubeco.2003.06.001},
	isbn = {0047--2727},
	issn = {00472727},
	journal = {Journal of Public Economics},
	keywords = {Cigarettes,Excise tax,Self-control function},
	number = {9-10},
	pages = {1959--1987},
	title = {{Tax incidence when individuals are time-inconsistent: The case of cigarette excise taxes}},
	volume = {88},
	year = {2004},
	bdsk-url-1 = {http://dx.doi.org/10.1016/j.jpubeco.2003.06.001}}

@article{Gruber2001,
	abstract = {This paper makes two contributions to the modeling of addiction. First, we provide new and convincing evidence that smokers are forward-looking in their smoking decisions, using state excise tax increases that have been legislatively enacted but are not yet effective, and monthly data on consumption. Second, we recognize the strong evidence that preferences with respect to smoking are time inconsistent, with individuals both not recognizing the true difficulty of quitting and searching for self-control devices to help them quit. We develop a new model of addictive behavior that takes as its starting point the standard ``rational addiction'' model, but incorporates time-inconsistent preferences. This model also exhibits forward-looking behavior, but it has strikingly different normative im- plications; in this case optimal government policy should depend not only on the externalities that smokers impose on others but also on the ``internalities'' im- posed by smokers on themselves. We estimate that the optimal tax per pack of cigarettes should be at least one dollar higher under our formulation than in the rational addiction case.},
	author = {Gruber, Jonathan and K\H{o}szegi, Botond},
	doi = {http://www.mitpressjournals.org/loi/qjec},
	isbn = {00335533},
	issn = {00335533},
	journal = {The Quarterly Journal of Economics},
	number = {4},
	pages = {1261--1303},
	pmid = {2696459},
	title = {{Is Addiction "Rational"? Theory and Evidence}},
	url = {http://qje.oxfordjournals.org/cgi/doi/10.1162/003355301753265570%5Cnhttp://www.jstor.org/stable/2696459%5Cnhttp://www.jstor.org/page/},
	volume = {116},
	year = {2001},
	bdsk-url-1 = {http://qje.oxfordjournals.org/cgi/doi/10.1162/003355301753265570%5Cnhttp://www.jstor.org/stable/2696459%5Cnhttp://www.jstor.org/page/},
	bdsk-url-2 = {http://www.mitpressjournals.org/loi/qjec}}

@article{Chalmers2012,
	abstract = {Because life annuities can increase the level and decrease the volatility of lifetime consumption, economists have long been puzzled by the low demand for life annuities. One potential rational explanation is that adverse selection drives up life annuity prices, which drives down demand. We study the choice between life annuities and lump sums made by 32,000 retiring public employees. These unique data allow us to extend the existing literature by exploiting economically significant cross-sectional and time-series variation in life annuity pricing.We find little evidence that retiree demand for life annuities rises when life annuity prices fall. We find strong evidence that demand responds to salient variation in individual characteristics, such as health, and to measures of investor sentiment, such as recent equity returns.},
	author = {Chalmers, John and Reuter, Jonathan},
	date-added = {2017-02-12 16:22:50 +0000},
	date-modified = {2017-02-12 16:22:50 +0000},
	doi = {10.1093/rfs/hhs057},
	issn = {0893-9454},
	journal = {Review of Financial Studies},
	month = {aug},
	number = {8},
	pages = {2601--2634},
	title = {{How Do Retirees Value Life Annuities? Evidence from Public Employees}},
	url = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhs057},
	volume = {25},
	year = {2012},
	bdsk-url-1 = {https://academic.oup.com/rfs/article-lookup/doi/10.1093/rfs/hhs057},
	bdsk-url-2 = {http://dx.doi.org/10.1093/rfs/hhs057}}

@article{Andersen2014,
	author = {Andersen, Steffen and Harrison, Glenn W and Lau, Morten I and Rutstr{\"o}m, E Elisabet},
	journal = {European Economic Review},
	pages = {15--33},
	publisher = {Elsevier},
	title = {Discounting Behavior: A Reconsideration},
	volume = {71},
	year = {2014}}

@article{Laibson1998,
	author = {Laibson, David and Repetto, Andrea and Tobacman, Jeremy},
	doi = {10.2307/2534671},
	issn = {00072303},
	journal = {Brookings Papers on Economic Activity},
	number = {1},
	pages = {91--196},
	title = {{Self-Control and Saving for Retirement}},
	volume = {1998},
	year = {1998},
	bdsk-url-1 = {http://dx.doi.org/10.2307/2534671}}

@article{Angeletos2001,
	author = {Angeletos, George-Marios and Laibson, David and Repetto, Andrea and Tobacman, Jeremy and Weinberg, Stephen},
	date-modified = {2025-11-30 14:00:39 +0100},
	journal = {Journal of Economic Perspectives},
	number = {3},
	pages = {47--68},
	title = {{The Hyperbolic Consumption Model: Calibration, Simulation, and Empirical Evaluation}},
	volume = {15},
	year = {2001}}

@article{Beshears2014,
	abstract = {We conduct and analyze two large surveys of hypothetical annuitization choices. We find that allowing individuals to annuitize a fraction of their wealth increases annuitization relative to a situation where annuitization is an ``all or nothing'' decision. Very few respondents choose declining real payout streams over flat or increasing real payout streams of equivalent expected present value. Highlighting the effects of inflation increases demand for cost of living adjustments. Frames that highlight flexibility, control, and investment significantly reduce annuitization. A majority of respondents prefer to receive an extra ``bonus'' payment during one month of the year that is funded by slightly lower payments in the remaining months. Concerns about later-life income, spending flexibility, and counterparty risk are the most important self-reported motives that influence the annuitization decision.},
	author = {Beshears, John and Choi, James J. and Laibson, David and Madrian, Brigitte C. and Zeldes, Stephen P.},
	date-added = {2017-02-12 14:51:05 +0000},
	date-modified = {2025-11-30 14:06:09 +0100},
	doi = {10.1016/j.jpubeco.2013.05.007},
	isbn = {3143627344},
	issn = {00472727},
	journal = {Journal of Public Economics},
	keywords = {Annuity,Framing,Pension,Retirement income},
	month = {8},
	pages = {2--16},
	publisher = {Elsevier B.V.},
	title = {{What makes annuitization more appealing?}},
	url = {http://dx.doi.org/10.1016/j.jpubeco.2013.05.007 http://linkinghub.elsevier.com/retrieve/pii/S004727271300114X},
	volume = {116},
	year = {2014},
	bdsk-url-1 = {http://dx.doi.org/10.1016/j.jpubeco.2013.05.007%20http://linkinghub.elsevier.com/retrieve/pii/S004727271300114X},
	bdsk-url-2 = {http://dx.doi.org/10.1016/j.jpubeco.2013.05.007}}

@manual{RCoreTeam2016,
	address = {Vienna, Austria},
	author = {{R~Core Team}},
	date-added = {2017-01-25 18:01:36 +0000},
	date-modified = {2017-01-25 18:02:07 +0000},
	organization = {R Foundation for Statistical Computing},
	title = {R: A~Language and Environment for Statistical Computing},
	url = {https://www.R-project.org/},
	year = {2016},
	bdsk-url-1 = {https://www.R-project.org/}}

@article{Laibson2015,
	abstract = {Present-biased preferences engender a demand for commitment. Commitment is a problematic prediction, since we see so little of it. I quantitatively explore the reasons for the "missing" commitment. Extending the procrastination model in Carroll et al. (2009), I show how equilibrium commitment is related to (i) the standard deviation of the opportunity cost of time, (ii) the cost of delay, (iii) the degree of partial naivete, and (iv) the direct cost of commitment. The calibrated model demonstrates that the perceived benefits of commitment are often overwhelmed by the costs of commitment. Demand for commitment is a special case rather than the general case.},
	author = {Laibson, David},
	doi = {10.1257/aer.p20151084},
	isbn = {17255},
	issn = {0002-8282},
	journal = {American Economic Review, Papers and Proceedings},
	number = {5},
	pages = {267--272},
	title = {{Why Don't Present-Biased Agents Make Commitments?}},
	url = {http://pubs.aeaweb.org/doi/10.1257/aer.p20151084},
	volume = {105},
	year = {2015},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/10.1257/aer.p20151084},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.p20151084}}

@article{Andersen2014a,
	abstract = {We re-evaluate the theory, experimental design and econometrics behind claims that individuals exhibit non-constant discounting behavior. Theory points to the importance of controlling for the non-linearity of the utility function of individuals, since the discount rate is defined over time-dated utility flows and not flows of money. It also points to a menagerie of functional forms to characterize different types of non-constant discounting behavior. The implied experimental design calls for individuals to undertake several tasks to allow us to identify these models, and to several treatments such as multiple horizons and the effect of allowing for a front end delay on earlier payments. The implied econometrics calls for structural estimation of th`e theoretical models, allowing for joint estimation of utility functions and discounting functions. Using data collected from a representative sample of 413 adult Danes in 2009, we draw surprising conclusions. Assuming an exponential discounting model we estimate discount rates to be 9\% on average. We find no evidence to support quasi-hyperbolic discounting or "fixed cost" discounting, and only modest evidence to support other specifications of non-constant discounting. Furthermore, the evidence for non-constant discounting, while statistically significant, is not economically significant in terms of the size of the estimated discount rates. We undertake extensive robustness checks on these findings, including a detailed review of the previous, comparable literature.},
	author = {Andersen, Steffen and Harrison, Glenn W. and Lau, Morten I. and Rutstr{\"{o}}m, E. Elisabet},
	date-modified = {2025-11-30 14:00:16 +0100},
	doi = {10.1016/j.euroecorev.2014.06.009},
	isbn = {00142921},
	issn = {00142921},
	journal = {European Economic Review},
	keywords = {Behavioral microeconomics,Discounting behavior,Field experiments},
	pages = {15--33},
	pmid = {98600676},
	title = {{Discounting Behavior: A reconsideration}},
	volume = {71},
	year = {2014},
	bdsk-url-1 = {http://dx.doi.org/10.1016/j.euroecorev.2014.06.009}}

@techreport{Kuchler2015,
	author = {Kuchler, Theresa},
	date-modified = {2017-04-11 16:04:05 +0000},
	institution = {New York University},
	title = {{Sticking to Your Plan: Empirical Evidence on the Role of Present Bias for Credit Card Paydown}},
	type = {research paper},
	url = {http://pages.stern.nyu.edu/~tkuchler/research/pdf/TKuchler_StickingToYourPlan.pdf},
	year = {2015},
	bdsk-url-1 = {http://pages.stern.nyu.edu/~tkuchler/research/pdf/TKuchler_StickingToYourPlan.pdf}}

@article{Madrian2001,
	author = {Madrian, Brigitte C and Shea, Dennis F},
	isbn = {2033670007},
	journal = {Quarterly Journal of Economics},
	number = {4},
	pages = {1149--87},
	title = {{The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior}},
	volume = {116},
	year = {2001}}

@article{Shapiro2005,
	abstract = {Quasi-hyperbolic discounting predicts impatience over short-run tradeoffs. I present a direct non-laboratory test of this implication using data on the nutritional intake of food stamp recipients. Caloric intake declines by 10 to 15 percent over the food stamp month, implying a significant preference for immediate consumption. These findings constitute a rejection of the permanent income hypothesis and are extremely difficult to reconcile with exponential discounting. The data support an explanation based on time preference and reject several alternative explanations, including highly elastic intertemporal substitution. I explore implications for the optimal timing of transfer payments under alternative assumptions about preferences.},
	author = {Shapiro, Jesse M.},
	date-modified = {2017-04-11 15:54:29 +0000},
	doi = {10.1016/j.jpubeco.2004.05.003},
	isbn = {1617588148},
	issn = {00472727},
	journal = {Journal of Public Economics},
	keywords = {Discounting, Food stamps, Time preference},
	number = {2--3},
	pages = {303--325},
	title = {{Is There a Daily Discount Rate? Evidence From the Food Stamp Nutrition Cycle}},
	volume = {89},
	year = {2005},
	bdsk-url-1 = {http://dx.doi.org/10.1016/j.jpubeco.2004.05.003}}

@article{Stango2009,
	abstract = {We use novel administrative data containing every checking and credit card account transaction made by 917 consumers over two years to measure the total explicit and implicit costs that consumers pay across all of their bank and credit card accounts. In our sample the median household pays $43 in total bank and credit card account costs per month and the 90th percentile pays $257 per month ($3084 per year). For most consumers who pay economically significant costs, credit card interest is the largest component of total costs. For many consumers a large share of costs could be avoided relatively easily: the median panelist could avoid 60 percent of all credit card interest charges, overdraft fees, overlimit and late fees by using different cards at the point of sale, reallocating debt from high-interest to low-interest credit cards, or repaying credit card debt with available checking balances.},
	author = {Stango, Victor and Zinman, Jonathan},
	date-added = {2017-01-11 15:25:07 +0000},
	date-modified = {2017-01-11 15:26:48 +0000},
	doi = {10.1257/aer.99.2.424},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {may},
	number = {2 [AEA Papers \& Proceedings]},
	pages = {424--429},
	title = {{What Do Consumers Really Pay on Their Checking and Credit Card Accounts? Explicit, Implicit, and Avoidable Costs}},
	url = {http://pubs.aeaweb.org/doi/10.1257/aer.99.2.424},
	volume = {99},
	year = {2009},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/10.1257/aer.99.2.424},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.99.2.424}}

@article{Stango2009a,
	abstract = {Exponential growth bias is the pervasive tendency to linearize exponential functions when assessing them intuitively. We show that exponential growth bias can explain two stylized facts in household finance: the tendency to underestimate an interest rate given other loan terms, and the tendency to underestimate a future value given other investment terms. Bias matters empirically: More-biased households borrow more, save less, favor shorter maturities, and use and benefit more from financial advice, conditional on a rich set of household characteristics. There is little evidence that our measure of exponential growth bias merely proxies for broader financial sophistication.},
	author = {Stango, Victor and Zinman, Jonathan},
	date-added = {2017-01-11 15:25:07 +0000},
	date-modified = {2017-01-11 15:25:07 +0000},
	doi = {10.1111/j.1540-6261.2009.01518.x},
	isbn = {1540-6261},
	issn = {00221082},
	journal = {Journal of Finance},
	month = {dec},
	number = {6},
	pages = {2807--2849},
	title = {{Exponential Growth Bias and Household Finance}},
	url = {http://doi.wiley.com/10.1111/j.1540-6261.2009.01518.x},
	volume = {64},
	year = {2009},
	bdsk-url-1 = {http://doi.wiley.com/10.1111/j.1540-6261.2009.01518.x},
	bdsk-url-2 = {http://dx.doi.org/10.1111/j.1540-6261.2009.01518.x}}

@article{Ariely2002,
	author = {Ariely, Dan and Wertenbroch, Klaus},
	date-modified = {2017-02-04 11:32:16 +0000},
	doi = {10.1111/1467-9280.00441},
	journal = {Psychological Science},
	number = {3},
	pages = {219--224},
	title = {{Procrastination, Deadlines, and Performance: Self-Control by Precommitment}},
	volume = {13},
	year = {2002},
	bdsk-url-1 = {http://dx.doi.org/10.1111/1467-9280.00441}}

@article{Bertaut2009,
	abstract = {Most US credit card holders revolve high-interest debt, often with substantial liquid and retirement assets. We model separation of accounting from shopping allowed by credit cards, in a rational, dynamic game. When the shopper is more impatient than the accountant, selling assets to repay debt is not necessarily optimal, as the shopper can restore debt. Modest relative impatience generates asset-debt co-existence and target utilization rates, matching incidence and median assets of debt revolvers with substantial assets. Empirical evidence is consistent with a role for spending control considerations, after allowing for standard determinants of credit card debt.},
	author = {Bertaut, Carol C. and Haliassos, Michael and Reiter, Michael},
	date-added = {2017-01-11 15:14:35 +0000},
	date-modified = {2025-11-30 14:06:15 +0100},
	doi = {10.1093/rof/rfn033},
	issn = {1572-3097},
	journal = {Review of Finance},
	month = {10},
	number = {4},
	pages = {657--692},
	title = {{Credit Card Debt Puzzles and Debt Revolvers for Self Control}},
	url = {http://rof.oxfordjournals.org/cgi/doi/10.1093/rof/rfn033},
	volume = {13},
	year = {2009},
	bdsk-url-1 = {http://rof.oxfordjournals.org/cgi/doi/10.1093/rof/rfn033},
	bdsk-url-2 = {http://dx.doi.org/10.1093/rof/rfn033}}

@article{Hamermesh2008,
	author = {Hamermesh, Daniel S. and Slemrod, Joel B.},
	date-added = {2016-10-18 12:03:12 +0000},
	date-modified = {2016-10-18 12:03:12 +0000},
	doi = {10.2202/1935-1682.1793},
	issn = {1935-1682},
	journal = {B.E. Journal of Economic Analysis {\&} Policy},
	month = {jan},
	number = {1},
	pages = {Article 3 (1--28)},
	title = {{The Economics of Workaholism: We Should Not Have Worked on This Paper}},
	url = {http://www.degruyter.com/view/j/bejeap.2008.8.1/bejeap.2008.8.1.1793/bejeap.2008.8.1.1793.xml},
	volume = {8},
	year = {2008},
	bdsk-url-1 = {http://www.degruyter.com/view/j/bejeap.2008.8.1/bejeap.2008.8.1.1793/bejeap.2008.8.1.1793.xml},
	bdsk-url-2 = {http://dx.doi.org/10.2202/1935-1682.1793}}

@book{Luce1959,
	address = {New York, NY, USA},
	author = {Luce, R. Duncan},
	date-added = {2016-10-13 22:35:16 +0000},
	date-modified = {2016-10-13 22:35:16 +0000},
	publisher = {John Wiley {\&} Sons},
	title = {{Individual Choice Behavior: A Theoretical Analysis}},
	year = {1959}}

@article{Andreoni2015,
	abstract = {Eliciting time preferences has become an important component of both laboratory and field experiments, yet there is no consensus as how to best measure discounting. We examine the predictive validity of two recent, simple, easily administered, and individually successful elicitation tools: convex time budgets (CTB) and double multiple price lists (DMPL). Using similar methods, the CTB and DMPL are compared using within- and out-of-sample predictions. While each perform equally well within sample, the CTB significantly outperforms the DMPL on out-of-sample measures.},
	author = {Andreoni, James and Kuhn, Michael A. and Sprenger, Charles},
	date-added = {2016-10-13 22:35:07 +0000},
	date-modified = {2025-11-30 14:00:33 +0100},
	doi = {10.1016/j.jebo.2015.05.018},
	issn = {01672681},
	journal = {Journal of Economic Behavior {\&} Organization},
	keywords = {Convex budgets,Curvature,Discounting,Dynamic inconsistency},
	month = {aug},
	pages = {451--464},
	publisher = {Elsevier B.V.},
	title = {{Measuring time preferences: A comparison of experimental methods}},
	url = {http://linkinghub.elsevier.com/retrieve/pii/S0167268115001535},
	volume = {116},
	year = {2015},
	bdsk-url-1 = {http://linkinghub.elsevier.com/retrieve/pii/S0167268115001535},
	bdsk-url-2 = {http://dx.doi.org/10.1016/j.jebo.2015.05.018}}

@article{Dohmen2010,
	author = {Dohmen, Thomas and Falk, Armin and Huffman, David and Sunde, Uwe},
	date-added = {2016-09-26 13:41:24 +0000},
	date-modified = {2016-09-26 13:41:24 +0000},
	doi = {10.1257/aer.100.3.1238},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {jun},
	number = {3},
	pages = {1238--1260},
	title = {{Are Risk Aversion and Impatience Related to Cognitive Ability?}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.100.3.1238},
	volume = {100},
	year = {2010},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.100.3.1238},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.100.3.1238}}

@article{Thaler1981,
	author = {Thaler, Richard H.},
	journal = {Economic Letters},
	pages = {201--207},
	title = {{Some Empirical Evidence on Dynamic Inconsistency}},
	volume = {8},
	year = {1981}}

@article{Thaler1990,
	author = {Thaler, Richard H. and Johnson, Eric J.},
	date-modified = {2016-10-06 18:11:45 +0000},
	doi = {10.1287/mnsc.36.6.643},
	journal = {Management Science},
	month = {June},
	number = {6},
	pages = {643--660},
	title = {{Gambling with the House Money and Trying to Break Even: The Effects of Prior Outcomes on Risky Choice}},
	volume = {36},
	year = {1990},
	bdsk-url-1 = {http://www.jstor.org/stable/2631898}}

@article{Lehenkari2009,
	abstract = {Prospect theory-based hedonic editing hypothesis posits that people integrate or segregate multiple outcomes so as to achieve the highest perceived value. We test the hypothesis in an actual decision-making context by investigating how stock market investors time their sales of stocks when realizing gains and losses. If the principles that guide investors' behavior are those suggested by the hedonic editing hypothesis, we should observe investors integrating losses more frequently than gains and integrating smaller losses with larger gains rather than the other way around. Our results do not conclusively support either of these assumptions but suggest that the relationship between prospect theoretic preferences and investor behavior is not as general as it might seem.},
	author = {Lehenkari, Mirjam},
	date-modified = {2016-10-06 18:07:25 +0000},
	doi = {10.1080/15427560902719497},
	journal = {Journal of Behavioral Finance},
	number = {1},
	pages = {9--18},
	title = {{The Hedonic Editing Hypothesis: Evidence from the Finnish Stock Market}},
	volume = {10},
	year = {2009},
	bdsk-url-1 = {http://dx.doi.org/10.1080/15427560902719497}}

@article{McClure2004a,
	abstract = {When humans are offered the choice between rewards available at different points in time, the relative values of the options are discounted according to their expected delays until delivery. Using functional magnetic resonance imaging, we examined the neural correlates of time discounting while subjects made a series of choices between monetary reward options that varied by delay to delivery. We demonstrate that two separate systems are involved in such decisions. Parts of the limbic system associated with the midbrain dopamine system, including paralimbic cortex, are preferentially activated by decisions involving immediately available rewards. In contrast, regions of the lateral prefrontal cortex and posterior parietal cortex are engaged uniformly by intertemporal choices irrespective of delay. Furthermore, the relative engagement of the two systems is directly associated with subjects' choices, with greater relative fronto-parietal activity when subjects choose longer term options.},
	author = {McClure, Samuel M. and Laibson, David and Loewenstein, George and Cohen, Jonathan D.},
	date-added = {2016-09-18 17:48:05 +0000},
	date-modified = {2016-09-18 17:48:05 +0000},
	doi = {10.1126/science.1100907},
	issn = {1095-9203},
	journal = {Science},
	keywords = {Adult,Basal Ganglia,Basal Ganglia: physiology,Brain Mapping,Decision Making,Dopamine,Dopamine: physiology,Female,Frontal Lobe,Frontal Lobe: physiology,Humans,Limbic System,Limbic System: physiology,Magnetic Resonance Imaging,Male,Parietal Lobe,Parietal Lobe: physiology,Prefrontal Cortex,Prefrontal Cortex: physiology,Reward,Time Factors},
	month = {oct},
	number = {5695},
	pages = {503--507},
	pmid = {15486304},
	title = {{Separate Neural Systems Value Immediate and Delayed Monetary Rewards}},
	url = {http://www.ncbi.nlm.nih.gov/pubmed/15486304},
	volume = {306},
	year = {2004},
	bdsk-url-1 = {http://www.ncbi.nlm.nih.gov/pubmed/15486304},
	bdsk-url-2 = {http://dx.doi.org/10.1126/science.1100907}}

@article{McClure2007,
	abstract = {Previous research, involving monetary rewards, found that limbic reward-related areas show greater activity when an intertemporal choice includes an immediate reward than when the options include only delayed rewards. In contrast, the lateral prefrontal and parietal cortex (areas commonly associated with deliberative cognitive processes, including future planning) respond to intertemporal choices in general but do not exhibit sensitivity to immediacy (McClure et al., 2004). The current experiments extend these findings to primary rewards (fruit juice or water) and time delays of minutes instead of weeks. Thirsty subjects choose between small volumes of drinks delivered at precise times during the experiment (e.g., 2 ml now vs 3 ml in 5 min). Consistent with previous findings, limbic activation was greater for choices between an immediate reward and a delayed reward than for choices between two delayed rewards, whereas the lateral prefrontal cortex and posterior parietal cortex responded similarly whether choices were between an immediate and a delayed reward or between two delayed rewards. Moreover, relative activation of the two sets of brain regions predicts actual choice behavior. A second experiment finds that when the delivery of all rewards is offset by 10 min (so that the earliest available juice reward in any choice is 10 min), no differential activity is observed in limbic reward-related areas for choices involving the earliest versus only more delayed rewards. We discuss implications of this finding for differences between primary and secondary rewards.},
	author = {McClure, Samuel M. and Ericson, Keith M. and Laibson, David and Loewenstein, George and Cohen, Jonathan D.},
	date-added = {2016-09-18 17:48:05 +0000},
	date-modified = {2022-05-22 13:15:37 +0200},
	doi = {10.1523/jneurosci.4246-06.2007},
	issn = {1529-2401},
	journal = {Journal of Neuroscience},
	keywords = {Cerebral Cortex,Cerebral Cortex: physiology,Choice Behavior,Choice Behavior: physiology,Female,Humans,Male,Reward,Time Factors},
	month = {may},
	number = {21},
	pages = {5796--5804},
	pmid = {17522323},
	title = {{Time Discounting for Primary Rewards}},
	url = {http://www.ncbi.nlm.nih.gov/pubmed/17522323},
	volume = {27},
	year = {2007},
	bdsk-url-1 = {http://www.ncbi.nlm.nih.gov/pubmed/17522323},
	bdsk-url-2 = {http://dx.doi.org/10.1523/JNEUROSCI.4246-06.2007}}

@article{Gabaix2014,
	abstract = {This article defines and analyzes a ``sparse max'' operator, which is a less than fully attentive and rational version of the traditional max operator. The agent builds (as economists do) a simplified model of the world which is sparse, considering only the variables of first-order importance. His stylized model and his resulting choices both derive from constrained optimization. Still, the sparse max remains tractable to compute. Moreover, the induced outcomes reflect basic psychological forces governing limited attention. The sparse max yields a behav- ioral version of basic chapters of the microeconomics textbook: consumer demand and competitive equilibrium. I obtain a behavioral version of Marshallian and Hicksian demand, Arrow-Debreu competitive equilibrium, the Slutsky matrix, the Edgeworth box, Roy's identity, and so on. The Slutsky matrix is no longer symmetric: nonsalient prices are associated with anomalously small demand elas- ticities. Because the consumer exhibits nominal illusion, in the Edgeworth box, the offer curve is a two-dimensional surface rather than a one-dimensional curve. As a result, different aggregate price levels correspond to materially distinct competitive equilibria, in a similar spirit to a Phillips curve. The Arrow-Debreu welfare theorems typically do not hold. This framework provides a way to assess which parts of basic microeconomics are robust, and which are not, to the as- sumption of perfect maximization. JEL Codes: D01, D03, D11, D51},
	author = {Gabaix, Xavier},
	date-modified = {2016-10-06 09:11:41 +0000},
	doi = {10.1093/qje/qju024},
	journal = {Quarterly Journal of Economics},
	month = {November},
	number = {4},
	pages = {1661--1710},
	title = {{A Sparsity-Based Model of Bounded Rationality}},
	volume = {129},
	year = {2014},
	bdsk-url-1 = {http://dx.doi.org/10.1093/qje/qju024.Advance}}

@article{Caplin2015,
	abstract = {Apparently mistaken decisions are ubiquitous. To what extent does this reflect irrationality, as opposed to a rational trade-off between the costs of information acquisition and the expected benefits of learning? We de- velop a revealed preference test that characterizes all patterns of choice ``mistakes'' consistent with a general model of optimal costly informa- tion acquisition and identify the extent to which information costs can be recovered from choice data.},
	archiveprefix = {arXiv},
	arxivid = {arXiv:1011.1669v3},
	author = {Caplin, Andrew and Dean, Mark},
	doi = {10.1257/aer.20140117},
	eprint = {arXiv:1011.1669v3},
	isbn = {0002-8282},
	issn = {0002-8282},
	journal = {American Economic Review},
	number = {7},
	pages = {2183--2203},
	pmid = {15003161},
	title = {{Revealed Preference, Rational Inattention, and Costly Information Acquisition}},
	volume = {105},
	year = {2015},
	bdsk-url-1 = {http://dx.doi.org/10.1257/aer.20140117}}

@article{Sims2003,
	abstract = {A constraint that actions can depend on observations only through a communication channel with finite Shannon capacity is shown to be able to play a role very similar to that of a signal extraction problem or an adjustment cost in standard control problems. The resulting theory looks enough like familiar dynamic rational expectations theories to suggest that it might be useful and practical, while the implications for policy are different enough to be interesting. ?? 2003 Published by Elsevier Science B.V.},
	author = {Sims, Christopher A.},
	doi = {10.1016/S0304-3932(03)00029-1},
	isbn = {0304-3932},
	issn = {03043932},
	journal = {Journal of Monetary Economics},
	keywords = {Control theory,Inertia,Information theory,Sticky prices},
	number = {3},
	pages = {665--690},
	title = {{Implications of rational inattention}},
	volume = {50},
	year = {2003},
	bdsk-url-1 = {http://dx.doi.org/10.1016/S0304-3932(03)00029-1}}

@article{Simon1955,
	author = {Simon, Herbert A.},
	date-modified = {2016-09-22 09:15:02 +0000},
	doi = {10.2307/1884852},
	journal = {Quarterly Journal of Economics},
	number = {1},
	pages = {99--118},
	title = {{A~Behavioral Model of Rational Choice}},
	volume = {69},
	year = {1955},
	bdsk-url-1 = {http://dx.doi.org/10.2307/1884852}}

@article{Tversky1974,
	author = {Tversky, Amos and Kahneman, Daniel},
	date-added = {2016-09-13 14:11:50 +0000},
	date-modified = {2016-09-13 14:11:50 +0000},
	doi = {10.1126/science.185.4157.1124},
	issn = {0036-8075},
	journal = {Science},
	month = {sep},
	number = {4157},
	pages = {1124--1131},
	title = {{Judgment under Uncertainty: Heuristics and Biases}},
	url = {http://www.sciencemag.org/cgi/doi/10.1126/science.185.4157.1124},
	volume = {185},
	year = {1974},
	bdsk-url-1 = {http://www.sciencemag.org/cgi/doi/10.1126/science.185.4157.1124},
	bdsk-url-2 = {http://dx.doi.org/10.1126/science.185.4157.1124}}

@article{Andersen2008,
	author = {Andersen, Steffen and Harrison, Glenn W. and Lau, Morten I. and Rutstr{\"{o}}m, E. Elisabet},
	date-added = {2016-09-08 13:20:40 +0000},
	date-modified = {2025-11-30 14:00:03 +0100},
	doi = {10.1111/j.1468-0262.2008.00848.x},
	issn = {0012-9682},
	journal = {Econometrica},
	month = {5},
	number = {3},
	pages = {583--618},
	publisher = {Wiley Online Library},
	title = {{Eliciting Risk and Time Preferences}},
	url = {http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0262.2008.00848.x/abstract http://doi.wiley.com/10.1111/j.1468-0262.2008.00848.x},
	volume = {76},
	year = {2008},
	bdsk-url-1 = {http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0262.2008.00848.x/abstract%20http://doi.wiley.com/10.1111/j.1468-0262.2008.00848.x},
	bdsk-url-2 = {http://dx.doi.org/10.1111/j.1468-0262.2008.00848.x}}

@article{Andreoni2012a,
	abstract = {Risk and time are intertwined. The present is known while the future is inherently risky. This is problematic when studying time preferences since uncontrolled risk can generate apparently present-biased behavior. We systematically manipulate risk in an intertemporal choice experiment. Discounted expected utility performs well with risk, but when certainty is added common ratio predictions fail sharply. The data cannot be explained by prospect theory, hyperbolic discounting, or preferences for resolution of uncertainty, but seem consistent with a direct preference for certainty. The data suggest strongly a difference between risk and time preferences. (JEL C91 D81 D91)},
	author = {Andreoni, James and Sprenger, Charles},
	date-added = {2016-09-08 13:20:32 +0000},
	date-modified = {2025-11-30 14:00:29 +0100},
	doi = {10.1257/aer.102.7.3357},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {dec},
	number = {7},
	pages = {3357--3376},
	title = {{Risk Preferences Are Not Time Preferences}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.102.7.3357},
	volume = {102},
	year = {2012},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.102.7.3357},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.102.7.3357}}

@article{Wakker2007,
	abstract = {The introduction of the euro gave a unique opportunity to empirically disentangle two components of utility: intrinsic value, a rational component central in economics, and the numerosity effect (going by numbers while ignoring units), a descriptive and irrational component central in prospect theory and underlying the money illusion. We measured relative risk aversion in Belgium before and after the introduction of the euro, and could consider changes in intrinsic value while keeping numbers constant, and changes in numbers while keeping intrinsic value constant. Intrinsic value significantly affected risk aversion, and the numerosity effect did not. Our study is the first to confirm the classical hypothesis of increasing relative risk aversion while avoiding irrational distortions due to the numerosity effect.},
	author = {Wakker, Peter P. and K{\"{o}}bberling, Veronika and Schwieren, Christiane},
	date-added = {2016-09-08 12:50:14 +0000},
	date-modified = {2016-09-08 12:50:14 +0000},
	doi = {10.1007/s11238-007-9040-8},
	isbn = {1123800790},
	issn = {0040-5833},
	journal = {Theory and Decision},
	keywords = {Currency change,Money illusion,Prospect theory,Psychology of money,Relative risk aversion,Utility},
	month = {nov},
	number = {3},
	pages = {205--231},
	title = {{Prospect-theory's Diminishing Sensitivity Versus Economics' Intrinsic Utility of Money: How the Introduction of the Euro can be Used to Disentangle the Two Empirically}},
	url = {http://link.springer.com/10.1007/s11238-007-9040-8},
	volume = {63},
	year = {2007},
	bdsk-url-1 = {http://link.springer.com/10.1007/s11238-007-9040-8},
	bdsk-url-2 = {http://dx.doi.org/10.1007/s11238-007-9040-8}}

@article{Oechssler2009,
	author = {Oechssler, J{\"{o}}rg and Roider, Andreas and Schmitz, Patrick W.},
	date-added = {2016-09-08 12:04:33 +0000},
	date-modified = {2016-09-08 12:07:04 +0000},
	doi = {10.1016/j.jebo.2009.04.018},
	issn = {01672681},
	journal = {Journal of Economic Behavior \& Organization},
	month = {oct},
	number = {1},
	pages = {147--152},
	title = {{Cognitive abilities and behavioral biases}},
	url = {http://linkinghub.elsevier.com/retrieve/pii/S0167268109001103},
	volume = {72},
	year = {2009},
	bdsk-url-1 = {http://linkinghub.elsevier.com/retrieve/pii/S0167268109001103},
	bdsk-url-2 = {http://dx.doi.org/10.1016/j.jebo.2009.04.018}}

@article{Samuelson1937,
	author = {Samuelson, Paul},
	date-modified = {2017-07-24 14:20:37 +0000},
	doi = {10.2307/2967612},
	journal = {Review of Economic Studies},
	number = {2},
	pages = {155--161},
	title = {{A~Note on Measurement of Utility}},
	volume = {4},
	year = {1937},
	bdsk-url-1 = {http://dx.doi.org/10.2307/2967612}}

@article{Greiner2015,
	abstract = {This paper discusses aspects of recruiting subjects for economic laboratory experiments, and shows how the Online Recruitment System for Eco- nomic Experiments can help. The software package provides experimenters with a free, convenient, and very powerful tool to organize their experiments and sessions.},
	author = {Greiner, Ben},
	date-added = {2016-08-19 22:22:16 +0000},
	date-modified = {2016-08-19 22:22:16 +0000},
	doi = {10.1007/s40881-015-0004-4},
	issn = {2199-6776},
	journal = {Journal of the Economic Science Association},
	keywords = {Laboratory experiments,Software,Subject recruitment},
	month = {jul},
	number = {1},
	pages = {114--125},
	title = {{Subject pool recruitment procedures: organizing experiments with ORSEE}},
	volume = {1},
	year = {2015},
	bdsk-url-1 = {http://dx.doi.org/10.1007/s40881-015-0004-4}}

@techreport{Cunningham2013,
	abstract = {Decisions made in laboratories have often been found to be sensitive to details of how the choice sets are structured and ordered. I provide a framework for describing these effects, in which preferences can vary depending on the history of choice sets, but which restricts preferences to be consistent among decisions that are made simultaneously. Within this framework I introduce a simple comparison effect, in which being exposed to a larger value along some dimension makes a person less sensitive to differences along that dimension (expressed in terms of the marginal rate of substitution). This effect predicts the existence of many otherwise disparate patterns of anomalous choice (contrast and anchoring effects, response range effects, joint vs separate reversals, decoy, scope neglect and common difference effects). I also discuss conditions under which this behaviour could reflect Bayesian inference from the composition of the choice set.},
	address = {Cambridge, MA, USA},
	author = {Cunningham, Tom},
	booktitle = {Working Paper},
	date-added = {2016-08-15 20:44:05 +0000},
	date-modified = {2016-08-15 20:44:05 +0000},
	month = {may},
	title = {{Comparisons and Choice}},
	type = {working paper},
	url = {https://dl.dropboxusercontent.com/u/13046545/paper_choice.pdf},
	year = {2013},
	bdsk-url-1 = {https://dl.dropboxusercontent.com/u/13046545/paper_choice.pdf}}

@article{Azar2007,
	abstract = {The article presents a theory that I denote ``Relative Thinking Theory,'' which claims that people consider relative differences and not only absolute differences when making various economics decisions, even in those cases where the rational model dictates that people should consider only absolute differences. The article reviews experimental evidence of this behavior, discusses how we can formalize this behavior, and addresses several issues related to relative thinking. Finally, the article explains why firms seem to respond to relative thinking of consumers, and suggests additional implications of relative thinking for economics and management.},
	author = {Azar, Ofer H.},
	date-added = {2016-08-15 20:34:24 +0000},
	date-modified = {2025-11-30 14:04:33 +0100},
	doi = {10.1016/j.socec.2005.12.014},
	issn = {10535357},
	journal = {Journal of Socio-Economics},
	month = {2},
	number = {1},
	pages = {1--14},
	title = {{Relative thinking theory}},
	url = {http://linkinghub.elsevier.com/retrieve/pii/S1053535705001137},
	volume = {36},
	year = {2007},
	bdsk-url-1 = {http://linkinghub.elsevier.com/retrieve/pii/S1053535705001137},
	bdsk-url-2 = {http://dx.doi.org/10.1016/j.socec.2005.12.014}}

@techreport{Bushong2016,
	abstract = {Fixed differences loom smaller when compared to large differences. We propose a model of relative thinking where a person weighs a given change along a consumption dimension by less when it is compared to bigger changes along that dimension. In deterministic settings, the model predicts context effects such as the attraction effect, but predicts meaningful bounds on such effects driven by the intrinsic utility for the choices. In risky environments, a person is less likely to exert effort in a money-earning activity if he had expected to earn higher returns or if there is greater income uncertainty. In intertemporal consumption, relative thinking induces a tendency to overspend and for a person to act more impatient if infrequently allotted large amounts to consume than if frequently allotted a small amount to consume, or especially the greater the uncertainty in future consumption utility.},
	address = {Cambridge, MA, USA},
	author = {Bushong, Benjamin and Rabin, Matthew and Schwartzstein, Joshua},
	booktitle = {Working Paper},
	date-added = {2016-08-14 18:22:09 +0000},
	date-modified = {2016-08-14 21:05:40 +0000},
	institution = {Harvard University},
	keywords = {relative thinking},
	month = {mar},
	title = {{A Model of Relative Thinking}},
	type = {working paper},
	url = {http://people.hbs.edu/jschwartzstein/RelativeThinking.pdf},
	year = {2016},
	bdsk-url-1 = {http://people.hbs.edu/jschwartzstein/RelativeThinking.pdf}}

@article{Bordalo2016,
	abstract = {We present a model of market competition in which consumers' attention is drawn to the products' most salient attributes. Firms compete for consumer attention via their choices of quality and price. Strategic positioning of a product affects how all other products are perceived. With this attention externality, depending on the cost of producing quality some markets exhibit ``commoditized" price salient equilibria, while others exhibit ``de-commoditized'' quality salient equilibria. When the costs of quality change, innovation can lead to radical shifts in markets, as in the case of decommoditization of the coffee market by Starbucks. In the context of financial innovation, the model generates the phenomenon of ``reaching for yield''.},
	archiveprefix = {arXiv},
	arxivid = {1211.0156},
	author = {Bordalo, Pedro and Gennaioli, Nicola and Shleifer, Andrei},
	date-added = {2016-08-14 18:21:54 +0000},
	date-modified = {2016-08-14 18:21:54 +0000},
	doi = {10.1093/restud/rdv048},
	eprint = {1211.0156},
	isbn = {0302-9743},
	issn = {0034-6527},
	journal = {Review of Economic Studies},
	keywords = {Commoditization,Reach for Yield,Salience},
	month = {apr},
	number = {2},
	pages = {481--513},
	title = {{Competition for Attention}},
	url = {http://restud.oxfordjournals.org/lookup/doi/10.1093/restud/rdv048},
	volume = {83},
	year = {2016},
	bdsk-url-1 = {http://restud.oxfordjournals.org/lookup/doi/10.1093/restud/rdv048},
	bdsk-url-2 = {http://dx.doi.org/10.1093/restud/rdv048}}

@article{Bordalo2012,
	abstract = {We present a theory of choice among lotteries in which the decision maker's attention is drawn to (precisely defined) salient payoffs. This leads the decision maker to a context-dependent representation of lotteries in which true probabilities are replaced by decision weights distorted in favor of salient payoffs. By specifying decision weights as a function of payoffs, our model provides a novel and unified account of many empirical phenomena, including frequent risk-seeking behavior, invariance failures such as the Allais paradox, and preference reversals. It also yields new predictions, including some that distinguish it from prospect theory, which we test.},
	author = {Bordalo, Pedro and Gennaioli, Nicola and Shleifer, Andrei},
	date-added = {2016-06-08 21:15:41 +0000},
	date-modified = {2016-06-08 21:15:41 +0000},
	doi = {10.1093/qje/qjs018},
	journal = {Quarterly Journal of Economics},
	month = {aug},
	number = {3},
	pages = {1243--1285},
	title = {{Salience Theory of Choice Under Risk}},
	url = {http://qje.oxfordjournals.org/cgi/doi/10.1093/qje/qjs018},
	volume = {127},
	year = {2012},
	bdsk-url-1 = {http://qje.oxfordjournals.org/cgi/doi/10.1093/qje/qjs018},
	bdsk-url-2 = {http://dx.doi.org/10.1093/qje/qjs018}}

@article{Attema2016,
	abstract = {We introduce a new method to measure the temporal discounting of 1money. Unlike preceding methods, our method requires neither knowledge nor measurement of utility. It is easier to implement, clearer to subjects, and requires fewer measurements than existing methods.},
	author = {Attema, Arthur E. and Bleichrodt, Han and Gao, Yu and Huang, Zhenxing and Wakker, Peter P.},
	date-added = {2016-06-08 21:03:01 +0000},
	date-modified = {2025-11-30 14:01:11 +0100},
	doi = {10.1257/aer.20150208},
	issn = {0002-8282},
	journal = {American Economic Review},
	keywords = {discounted utility,intertemporal choice,nonparametric measurement,time inconsistency},
	month = {6},
	number = {6},
	pages = {1476--1494},
	title = {{Measuring Discounting without Measuring Utility}},
	url = {http://pubs.aeaweb.org/doi/10.1257/aer.20150208},
	volume = {106},
	year = {2016},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/10.1257/aer.20150208},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.20150208}}

@unpublished{Gerhardt2016,
	address = {Bonn, Germany},
	author = {Gerhardt, Holger and Schwerter, Frederik and Strang, Louis},
	booktitle = {Mimeo},
	institution = {University of Bonn},
	title = {{Concentration Bias and Intertemporal Choice: Experimental Evidence from Choice Lists}},
	year = {2016}}

@article{Laibson1997,
	author = {Laibson, David},
	doi = {10.1162/003355397555253},
	issn = {0033-5533},
	journal = {Quarterly Journal of Economics},
	month = {may},
	number = {2},
	pages = {443--477},
	title = {{Golden Eggs and Hyperbolic Discounting}},
	url = {http://qje.oxfordjournals.org/cgi/doi/10.1162/003355397555253},
	volume = {112},
	year = {1997},
	bdsk-url-1 = {http://qje.oxfordjournals.org/cgi/doi/10.1162/003355397555253},
	bdsk-url-2 = {http://dx.doi.org/10.1162/003355397555253}}

@article{Frederick2005,
	author = {Frederick, Shane},
	doi = {10.1257/089533005775196732},
	issn = {0895-3309},
	journal = {Journal of Economic Perspectives},
	month = {dec},
	number = {4},
	pages = {25--42},
	title = {{Cognitive Reflection and Decision Making}},
	url = {http://www.jstor.org/stable/4134953 http://pubs.aeaweb.org/doi/abs/10.1257/089533005775196732},
	volume = {19},
	year = {2005},
	bdsk-url-1 = {http://www.jstor.org/stable/4134953%20http://pubs.aeaweb.org/doi/abs/10.1257/089533005775196732},
	bdsk-url-2 = {http://dx.doi.org/10.1257/089533005775196732}}

@techreport{Dohmen2012,
	author = {Dohmen, Thomas and Falk, Armin and Huffman, David and Sunde, Uwe},
	date-modified = {2025-11-30 16:30:50 +0100},
	institution = {Maastricht University et~al.},
	keywords = {dynamic inconsistency,hyperbolic discounting,intransitivity,self-control,time preference},
	month = {2},
	number = {6385},
	series = {IZA Discussion Paper Series},
	title = {{Interpreting Time Horizon Effects in Inter-Temporal Choice}},
	type = {IZA Discussion Paper},
	url = {http://ftp.iza.org/dp6385.pdf},
	year = {2012},
	bdsk-url-1 = {http://ftp.iza.org/dp6385.pdf}}

@article{Loomes1982,
	author = {Loomes, Graham and Sugden, Robert},
	doi = {10.2307/2232669},
	issn = {00130133},
	journal = {Economic Journal},
	month = {dec},
	number = {368},
	pages = {805--824},
	title = {{Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty}},
	url = {http://www.jstor.org/stable/2232669?origin=crossref},
	volume = {92},
	year = {1982},
	bdsk-url-1 = {http://www.jstor.org/stable/2232669?origin=crossref},
	bdsk-url-2 = {http://dx.doi.org/10.2307/2232669}}

@article{Kahneman2003,
	author = {Kahneman, Daniel},
	doi = {10.1257/000282803322655392},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {dec},
	number = {5},
	pages = {1449--1475},
	title = {{Maps of Bounded Rationality: Psychology for Behavioral Economics}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/000282803322655392},
	volume = {93},
	year = {2003},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/000282803322655392},
	bdsk-url-2 = {http://dx.doi.org/10.1257/000282803322655392}}

@article{Casari2015,
	abstract = {Abstract We study intertemporal choices through an experiment run over multiple dates and we show that intertemporal behavior is affected by additional drivers beyond impatience and present-biased preferences. By eliciting a subject's plan and tracking its implementation over time, this dynamic design helps our understanding of time inconsistency through the identification and measurement of three notions of choice reversal in intertemporal behavior. In the experiment, there is widespread choice reversal and demand for flexibility. Neither the usual exponential nor hyperbolic discounting models can account for the observed behavior.},
	author = {Casari, Marco and Dragone, Davide},
	doi = {10.1007/s11166-015-9211-x},
	issn = {0895-5646},
	journal = {Journal of Risk and Uncertainty},
	keywords = {Longitudinal experiment,Real-effort experiment,Risk,Self-control,Time inconsistency},
	month = {apr},
	number = {2},
	pages = {119--140},
	title = {{Choice reversal without temptation: A dynamic experiment on time preferences}},
	url = {http://link.springer.com/10.1007/s11166-015-9211-x},
	volume = {50},
	year = {2015},
	bdsk-url-1 = {http://link.springer.com/10.1007/s11166-015-9211-x},
	bdsk-url-2 = {http://dx.doi.org/10.1007/s11166-015-9211-x}}

@article{Fischbacher2007,
	author = {Fischbacher, Urs},
	doi = {10.1007/s10683-006-9159-4},
	isbn = {1068300691594},
	issn = {1386-4157},
	journal = {Experimental Economics},
	keywords = {experiment,experimental software,jel classification c92},
	month = {feb},
	number = {2},
	pages = {171--178},
	title = {{z-Tree: Zurich toolbox for ready-made economic experiments}},
	url = {http://www.springerlink.com/index/10.1007/s10683-006-9159-4},
	volume = {10},
	year = {2007},
	bdsk-url-1 = {http://www.springerlink.com/index/10.1007/s10683-006-9159-4},
	bdsk-url-2 = {http://dx.doi.org/10.1007/s10683-006-9159-4}}

@article{DellaVigna2006,
	author = {DellaVigna, Stefano and Malmendier, Ulrike},
	doi = {10.1257/aer.96.3.694},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {jun},
	number = {3},
	pages = {694--719},
	title = {{Paying Not to Go to the Gym}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.96.3.694},
	volume = {96},
	year = {2006},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.96.3.694},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.96.3.694}}

@article{Bordalo2013,
	author = {Bordalo, Pedro and Gennaioli, Nicola and Shleifer, Andrei},
	date-modified = {2025-11-30 13:58:38 +0100},
	doi = {10.1086/673885},
	issn = {00223808},
	journal = {Journal of Political Economy},
	month = {10},
	number = {5},
	pages = {803--843},
	title = {{Salience and Consumer Choice}},
	url = {http://www.jstor.org/stable/info/10.1086/673885},
	volume = {121},
	year = {2013},
	bdsk-url-1 = {http://www.jstor.org/stable/info/10.1086/673885},
	bdsk-url-2 = {http://dx.doi.org/10.1086/673885}}

@article{Koszegi2013,
	author = {K\H{o}szegi, Botond and Szeidl, Adam},
	date-modified = {2025-11-30 13:59:25 +0100},
	doi = {10.1093/qje/qjs049},
	issn = {0033-5533},
	journal = {Quarterly Journal of Economics},
	month = {11},
	number = {1},
	pages = {53--104},
	title = {{A Model of Focusing in Economic Choice}},
	url = {http://qje.oxfordjournals.org/cgi/doi/10.1093/qje/qjs049},
	volume = {128},
	year = {2013},
	bdsk-url-1 = {http://qje.oxfordjournals.org/cgi/doi/10.1093/qje/qjs049},
	bdsk-url-2 = {http://dx.doi.org/10.1093/qje/qjs049}}

@techreport{haushofer2015,
	author = {Balakrishnan, Uttara and Haushofer, Johannes and Jakiela, Pamela},
	title = {How Soon Is Now? Evidence of Present Bias from Convex Time Budget Experiments},
	type = {working paper},
	year = {2015}}

@article{Andreoni2012,
	author = {Andreoni, James and Sprenger, Charles},
	date-modified = {2025-11-30 14:00:23 +0100},
	doi = {10.1257/aer.102.7.3333},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {dec},
	number = {7},
	pages = {3333--3356},
	title = {{Estimating Time Preferences from Convex Budgets}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.102.7.3333},
	volume = {102},
	year = {2012},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.102.7.3333},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.102.7.3333}}

@article{ODonoghue1999,
	author = {O'Donoghue, Ted and Rabin, Matthew},
	doi = {10.1257/aer.89.1.103},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {mar},
	number = {1},
	pages = {103--124},
	title = {{Doing It Now or Later}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.89.1.103},
	volume = {89},
	year = {1999},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.89.1.103},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.89.1.103}}

@article{Modigliani1986,
	abstract = {This paper provides a review of the theory of the determinants of individual and na- tional thrift that has come to be known as the Life Cycle Hypothesis (LCH) of saving. Applications to some current policy issues are also discussed. Section I deals with the state of the art on the eve of the formulation of the LCH some thirty years ago. Section II sets forth the theoretical foundations of the model in its original formulation and later amendment, calling attention to various implications, dis- tinctive to it and, sometimes, counterintui- tive. It also includes a review of a number of crucial empirical tests, both at the individual and the aggregate level. Section III reviews some applications of LCH to current policy issues, though only in sketchy fashion, as space constraints prevent fuller discussion.},
	author = {Modigliani, Franco},
	journal = {American Economic Review},
	month = {jun},
	number = {3},
	pages = {297--313},
	title = {{Life Cycle, Individual Thrift, and the Wealth of Nations}},
	url = {http://www.jstor.org/stable/1813352},
	volume = {76},
	year = {1986},
	bdsk-url-1 = {http://www.jstor.org/stable/1813352}}

@article{Warner2001,
	author = {Warner, John T. and Pleeter, Saul},
	doi = {10.1257/aer.91.1.33},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {mar},
	number = {1},
	pages = {33--53},
	title = {{The Personal Discount Rate: Evidence from Military Downsizing Programs}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.91.1.33},
	volume = {91},
	year = {2001},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.91.1.33},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.91.1.33}}

@article{Chetty2009,
	abstract = {Using two strategies, we show that consumers underreact to taxes that are not salient. First, using a field experiment in a grocery store, we find that posting tax-inclusive price tags reduces demand by 8 percent. Second, increases in taxes included in posted prices reduce alcohol consumption more than increases in taxes applied at the register. We develop a theoretical framework for applied welfare analysis that accommodates salience effects and other optimization failures. The simple formulas we derive imply that the economic incidence of a tax depends on its statutory incidence, and that even policies that induce no change in behavior can create efficiency losses.},
	author = {Chetty, Raj and Looney, Adam and Kroft, Kory},
	doi = {10.1257/aer.99.4.1145},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {aug},
	number = {4},
	pages = {1145--1177},
	title = {{Salience and Taxation: Theory and Evidence}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.99.4.1145},
	volume = {99},
	year = {2009},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.99.4.1145},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.99.4.1145}}

@article{Halevy2015,
	author = {Halevy, Yoram},
	doi = {10.3982/ECTA10872},
	issn = {00129682},
	journal = {Econometrica},
	month = {jan},
	number = {1},
	pages = {335--352},
	title = {{Time Consistency: Stationarity and Time Invariance}},
	url = {http://doi.wiley.com/10.3982/ECTA10872},
	volume = {83},
	year = {2015},
	bdsk-url-1 = {http://doi.wiley.com/10.3982/ECTA10872},
	bdsk-url-2 = {http://dx.doi.org/10.3982/ECTA10872}}

@article{Trope2003,
	author = {Trope, Yaacov and Liberman, Nira},
	doi = {10.1037/0033-295X.110.3.403},
	issn = {1939-1471},
	journal = {Psychological Review},
	month = {jul},
	number = {3},
	pages = {403--421},
	title = {{Temporal Construal}},
	url = {http://doi.apa.org/getdoi.cfm?doi=10.1037/0033-295X.110.3.403},
	volume = {110},
	year = {2003},
	bdsk-url-1 = {http://doi.apa.org/getdoi.cfm?doi=10.1037/0033-295X.110.3.403},
	bdsk-url-2 = {http://dx.doi.org/10.1037/0033-295X.110.3.403}}

@article{Benartzi2011,
	abstract = {We analyze the long-standing ``annuity puzzle'' through the lens of behavioral economics. We provide novel evidence that lessens the extent of the puzzle and shed some additional light on the real drivers of the decision to annuitize. Last, we discuss the policy implications of our findings},
	author = {Benartzi, Shlomo and Previtero, Alessandro and Thaler, Richard H.},
	date-modified = {2025-11-30 14:05:14 +0100},
	doi = {10.1257/jep.25.4.143},
	issn = {0895-3309},
	journal = {Journal of Economic Perspectives},
	month = {11},
	number = {4},
	pages = {143--164},
	title = {{Annuitization Puzzles}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/jep.25.4.143},
	volume = {25},
	year = {2011},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/jep.25.4.143},
	bdsk-url-2 = {http://dx.doi.org/10.1257/jep.25.4.143}}

@techreport{Halevy2014,
	author = {Halevy, Yoram},
	booktitle = {Working Paper},
	institution = {University of British Columbia},
	month = {apr},
	title = {{Some Comments on the Use of Monetary and Primary Rewards in the Measurement of Time Preferences}},
	type = {working paper},
	url = {http://faculty.arts.ubc.ca/yhalevy/monetary_primary.pdf},
	year = {2014},
	bdsk-url-1 = {http://faculty.arts.ubc.ca/yhalevy/monetary_primary.pdf}}

@article{Yaari1965,
	abstract = {One need hardly be reminded that a consumer who makes plans for the future must, in one way or another, take account of the fact that he does not know how long he will live. Yet few discussions of consumer allocation over time give this problem due consideration. Marshall and Fisher were both aware of the uncertainty of survival, but for one reason or another they did not expound on how a consumer might be expected to react to this uncertainty if he is to behave "rationally". Other theorists seem to disregard the problem altogether. In the present discussion we intend to go to the other extreme, by concentrating entirely on the uncertainty of lifetime and ignoring the other uncertainties which a consumer must normally cope with. The uncertainty of future earnings, for instance, will enter the discussion only insofar as the flow of earnings stops when the consumer dies.},
	author = {Yaari, Menahem E.},
	date-modified = {2025-11-30 14:06:31 +0100},
	doi = {10.2307/2296058},
	issn = {00346527},
	journal = {Review of Economic Studies},
	month = {4},
	number = {2},
	pages = {137--150},
	title = {{Uncertain Lifetime, Life Insurance, and the Theory of the Consumer}},
	url = {http://www.jstor.org/stable/2296058 http://restud.oxfordjournals.org/lookup/doi/10.2307/2296058},
	volume = {32},
	year = {1965},
	bdsk-url-1 = {http://www.jstor.org/stable/2296058%20http://restud.oxfordjournals.org/lookup/doi/10.2307/2296058},
	bdsk-url-2 = {http://dx.doi.org/10.2307/2296058}}

@article{DellaVigna2009,
	author = {DellaVigna, Stefano},
	doi = {10.1257/jel.47.2.315},
	issn = {0022-0515},
	journal = {Journal of Economic Literature},
	month = {may},
	number = {2},
	pages = {315--372},
	title = {{Psychology and Economics: Evidence from the Field}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/jel.47.2.315},
	volume = {47},
	year = {2009},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/jel.47.2.315},
	bdsk-url-2 = {http://dx.doi.org/10.1257/jel.47.2.315}}

@article{Augenblick2015,
	author = {Augenblick, Ned and Niederle, Muriel and Sprenger, Charles},
	date-modified = {2025-11-30 14:04:45 +0100},
	doi = {10.1093/qje/qjv020},
	issn = {0033-5533},
	journal = {Quarterly Journal of Economics},
	month = {8},
	number = {3},
	pages = {1067--1115},
	title = {{Working over Time: Dynamic Inconsistency in Real Effort Tasks}},
	url = {http://qje.oxfordjournals.org/lookup/doi/10.1093/qje/qjv020},
	volume = {130},
	year = {2015},
	bdsk-url-1 = {http://qje.oxfordjournals.org/lookup/doi/10.1093/qje/qjv020},
	bdsk-url-2 = {http://dx.doi.org/10.1093/qje/qjv020}}

@article{Abdellaoui2010a,
	abstract = {This article provides a parameter-free measurement of utility in intertemporal choice and presents new and more robust evidence on the discounting of money outcomes. Intertemporal utility was concave for gains and convex for losses, consistent with a hypothesis put forward by Loewenstein and Prelec (1992). Discount rates declined over time but less so than previously observed under the assumption of linear utility. For approximately 40\% of our subjects constant discounting provided the best fit. The remaining 60\% were most consistent with Harvey's (1986) power discounting. Our data provide little support for the popular quasi-hyperbolic model, which is widely used in economics today. We observed an asymmetry in the discounting of gains and losses that, unlike earlier findings, cannot be explained by a framing effect.},
	author = {Abdellaoui, Mohammed and Attema, Arthur E. and Bleichrodt, Han},
	date-modified = {2025-11-30 13:59:42 +0100},
	doi = {10.1111/j.1468-0297.2009.02308.x},
	isbn = {1468-0297},
	issn = {00130133},
	journal = {Economic Journal},
	month = {6},
	number = {545},
	pages = {845--866},
	title = {{Intertemporal Tradeoffs for Gains and Losses: An Experimental Measurement of Discounted Utility}},
	url = {http://doi.wiley.com/10.1111/j.1468-0297.2009.02308.x},
	volume = {120},
	year = {2010},
	bdsk-url-1 = {http://doi.wiley.com/10.1111/j.1468-0297.2009.02308.x},
	bdsk-url-2 = {http://dx.doi.org/10.1111/j.1468-0297.2009.02308.x}}

@article{Attema2015,
	abstract = {We introduce a new method to measure the temporal discounting of money. Unlike preceding methods, our method requires neither knowledge nor measurement of utility. It is easier to implement, clearer to subjects, and requires fewer measurements than existing methods.},
	address = {Rotterdam, The Netherlands et al.},
	annote = {Forthcoming in the American Economic Review.},
	author = {Attema, Arthur E. and Bleichrodt, Han and Gao, Yu and Huang, Zhenxing and Wakker, Peter P.},
	date-modified = {2025-11-30 14:01:03 +0100},
	institution = {Erasmus University Rotterdam et al.},
	journal = {American Economic Review},
	keywords = {discounted utility,intertemporal choice,nonparametric measurement,time inconsistency},
	month = {dec},
	title = {{Measuring Discounting without Measuring Utility}},
	url = {https://www.aeaweb.org/forthcoming/output/retrieve_file_protected.php?f_id=2037&id=3250},
	year = {forthcoming},
	bdsk-url-1 = {https://www.aeaweb.org/forthcoming/output/retrieve_file_protected.php?f_id=2037&id=3250}}

@article{Frederick2002,
	author = {Frederick, Shane and Loewenstein, George and O'Donoghue, Ted},
	doi = {10.1257/002205102320161311},
	issn = {0022-0515},
	journal = {Journal of Economic Literature},
	month = {jun},
	number = {2},
	pages = {351--401},
	title = {{Time Discounting and Time Preference: A Critical Review}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/002205102320161311},
	volume = {40},
	year = {2002},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/002205102320161311},
	bdsk-url-2 = {http://dx.doi.org/10.1257/002205102320161311}}

@techreport{Bushong2015,
	address = {Cambridge (Massachusetts), USA},
	author = {Bushong, Benjamin and Rabin, Matthew and Schwartzstein, Joshua},
	booktitle = {Working Paper},
	institution = {Harvard University},
	month = {may},
	title = {{A Model of Relative Thinking}},
	type = {working paper},
	url = {http://people.hbs.edu/jschwartzstein/NormMay15.pdf},
	year = {2015},
	bdsk-url-1 = {http://people.hbs.edu/jschwartzstein/NormMay15.pdf}}

@article{Bock2014,
	author = {Bock, Olaf and Baetge, Ingmar and Nicklisch, Andreas},
	doi = {10.1016/j.euroecorev.2014.07.003},
	issn = {00142921},
	journal = {European Economic Review},
	keywords = {Documentation,Economic experiments,Online recruiting software,Randomization,Replication},
	month = {oct},
	pages = {117--120},
	publisher = {Elsevier},
	title = {{hroot: Hamburg Registration and Organization Online Tool}},
	url = {http://linkinghub.elsevier.com/retrieve/pii/S0014292114001159},
	volume = {71},
	year = {2014},
	bdsk-url-1 = {http://linkinghub.elsevier.com/retrieve/pii/S0014292114001159},
	bdsk-url-2 = {http://dx.doi.org/10.1016/j.euroecorev.2014.07.003}}

@article{Davidoff2005,
	abstract = {Advancing annuity demand theory, we present sufficient conditions for the optimality of full annuitization under market completeness which are substantially less restrictive than those used by Menahem E. Yaari (1965). We examine demand with market incompleteness, finding that positive annuitization remains optimal widely, but complete annuitization does not. How uninsured medical expenses affect demand for illiquid annuities depends critically on the timing of the risk. A new set of calculations with optimal consumption trajectories very different from available annuity income streams still shows a preference for considerable annuitization, suggesting that limited annuity purchases are plausibly due to psychological or behavioral biases.},
	author = {Davidoff, Thomas and Brown, Jeffrey R. and Diamond, Peter A.},
	doi = {10.1257/000282805775014281},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {dec},
	number = {5},
	pages = {1573--1590},
	title = {{Annuities and Individual Welfare}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/000282805775014281},
	volume = {95},
	year = {2005},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/000282805775014281},
	bdsk-url-2 = {http://dx.doi.org/10.1257/000282805775014281}}

@article{Lacetera2012,
	abstract = {Can heuristic information processing affect important product markets? Analyzing over 22 million wholesale used-car transactions, we find evidence of left-digit bias in the processing of odometer values, whereby individuals focus on the number's leftmost digits. The bias leads to discontinuous drops in sale prices at 10,000-mile odometer thresholds, along with smaller drops at 1,000-mile thresholds. These findings reveal that information-processing heuristics matter even in markets with large stakes and easily observed information. We model left-digit bias in an inattention framework and structurally estimate the inattention parameter. Empirical patterns suggest the results are driven by final customers rather than professional agents.},
	author = {Lacetera, Nicola and Pope, Devin G. and Sydnor, Justin R.},
	doi = {10.1257/aer.102.5.2206},
	issn = {0002-8282},
	journal = {American Economic Review},
	month = {aug},
	number = {5},
	pages = {2206--2236},
	title = {{Heuristic Thinking and Limited Attention in the Car Market}},
	url = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.102.5.2206},
	volume = {102},
	year = {2012},
	bdsk-url-1 = {http://pubs.aeaweb.org/doi/abs/10.1257/aer.102.5.2206},
	bdsk-url-2 = {http://dx.doi.org/10.1257/aer.102.5.2206}}

@techreport{Leland2016,
	address = {Orange, CA, USA},
	author = {Leland, Jonathan and Schneider, Mark},
	date-modified = {2016-10-06 18:00:54 +0000},
	institution = {Chapman University},
	title = {{Axioms for Salience Perception}},
	type = {working paper},
	url = {https://www.chapman.edu/research-and-institutions/economic-science-institute/_files/WorkingPapers/leland-schneider-salience-axioms-2016.pdf},
	year = {2016},
	bdsk-url-1 = {https://www.chapman.edu/research-and-institutions/economic-science-institute/_files/WorkingPapers/leland-schneider-salience-axioms-2016.pdf}}

@article{Chakraborty2017,
	author = {Chakraborty, Anujit and Calford, Evan M. and Fenig, Guidon and Halevy, Yoram},
	date-modified = {2017-05-19 22:25:33 +0000},
	doi = {10.1007/s10683-016-9506-z},
	issn = {1386-4157},
	journal = {Experimental Economics},
	keywords = {Choice from budget lines,Discounting,Elicitation of preferences,MPL,Time preference,Weak axiom of revealed preference},
	month = {jan},
	title = {{External and internal consistency of choices made in convex time budgets}},
	url = {http://link.springer.com/10.1007/s10683-016-9506-z},
	volume = {Online First},
	year = {2017},
	bdsk-url-1 = {http://link.springer.com/10.1007/s10683-016-9506-z},
	bdsk-url-2 = {http://dx.doi.org/10.1007/s10683-016-9506-z}}