Journal
THEORY AND DECISION
Volume 82, Issue 1, Pages 41-73Publisher
SPRINGER
DOI: 10.1007/s11238-016-9559-7
Keywords
Risk aversion; Rationality; Cognitive resource depletion; Choice consistency; Sleepiness
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We investigate the consistency and stability of individual risk preferences by manipulating cognitive resources. Participants are randomly assigned to an experiment session at a preferred time of day relative to their diurnal preference (circadian matched) or at a non-preferred time (circadian mismatched) and choose allocations between two risky assets [using the Choi et al. (Am Econ Rev 27(5):1921-1938, 2007), design]. We find that choices of circadian matched and mismatched subject are statistically similar in terms of satisfying basic requirements for preference consistency. However, mismatched subjects tend to choose riskier asset bundles.
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