Eliciting Prospect Theory When Consequences Are Measured in Time Units: “Time Is Not Money”
研究了当后果以时间（而非金钱）衡量时，前景理论中的效用、概率权重和损失厌恶如何变化，发现时间维度的效用更不凹、损失厌恶更小，且概率权重更不敏感、更偏高，意味着对收益更乐观、对损失更悲观。
We elicited the prospect theory components (utility, probability weighting, and loss aversion) when consequences are expressed as the time dedicated to a specific task or activity. A similar elicitation was performed for monetary consequences to allow an across-attribute (time/money) comparison of the elicited components (at the individual level). We obtained less concave utility and smaller loss aversion for time than for money. Moreover, while the probability weighting was predominantly inverse S-shaped for both attributes, it was less sensitive to probabilities and more elevated for time than for money. This finding implies more optimism for gains and more pessimism for losses. This paper was accepted by Peter Wakker, decision analysis.