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{
    "pk": 25621,
    "title": "Exploring the Concept of Utility: Are Separate Value Functions required for Risky\nand Inter-temporal Choice?",
    "subtitle": null,
    "abstract": "Utility based models are common in both the risky and intertemporal\nchoice literatures. Recently there have been efforts to\nformulate models of choices which involve both risks and\ntime delays. An important question then is whether the\nconcept of utility is the same for risky and inter-temporal\nchoices. We address this question by fitting versions of two\npopular utility based models, Cumulative Prospect Theory for\nrisky choice, and Hyperbolic Discounting for inter-temporal\nchoice, to data from three experiments which involved both\nchoice types. The models were fit assuming either the same\nconcept of utility for both, by way of a common value\nfunction, or different utilities with separate value functions.\nOur results show that while many participants seem to require\nthe flexibility of different value functions, an approximately\nequal number do not suggesting they may have a single\nconcept of utility. Furthermore for both choice types value\nfunctions were concave",
    "language": "eng",
    "license": {
        "name": "",
        "short_name": "",
        "text": null,
        "url": ""
    },
    "keywords": [
        {
            "word": "Risky"
        },
        {
            "word": "Inter-temporal"
        },
        {
            "word": "utility"
        },
        {
            "word": "Choice"
        }
    ],
    "section": "Papers",
    "is_remote": true,
    "remote_url": "https://escholarship.org/uc/item/00x4w0rm",
    "frozenauthors": [
        {
            "first_name": "Ash",
            "middle_name": "",
            "last_name": "Luckman",
            "name_suffix": "",
            "institution": "University of New South Wales",
            "department": ""
        },
        {
            "first_name": "Chris",
            "middle_name": "",
            "last_name": "Donkin",
            "name_suffix": "",
            "institution": "University of New South Wales",
            "department": ""
        },
        {
            "first_name": "Ben",
            "middle_name": "R",
            "last_name": "Newell",
            "name_suffix": "",
            "institution": "University of New South Wales",
            "department": ""
        }
    ],
    "date_submitted": null,
    "date_accepted": null,
    "date_published": "2015-01-01T18:00:00Z",
    "render_galley": null,
    "galleys": [
        {
            "label": "PDF",
            "type": "pdf",
            "path": "https://journalpub.escholarship.org/cognitivesciencesociety/article/25621/galley/15245/download/"
        }
    ]
}