Intertemporal Consumption with Risk: A Revealed Preference Analysis
通过实验和新的显示偏好方法，检验了状态依赖的跨期支付偏好，发现折现期望效用隐含的相关性中性被广泛违背，人们表现出跨期相关性厌恶，表明效用不能跨状态和时间简单相加。
Abstract We run an experiment to elicit preferences over state-contingent timed payouts. We analyze the data using a new revealed preference method (building on Nishimura et al., 2017) that can test for consistency with utility functions that increase with a given preorder. We find that correlation neutrality, a property implied by discounted expected utility, is widely violated and there is, instead, strong evidence of intertemporal correlation averse behavior. Our results suggest that utility is not additive across both states and time and that credible models of choice need to allow people to prefer negative correlation in timed payouts.