论文标题
时间延迟和投资决策：坦桑尼亚实验的证据
Time Delay and Investment Decisions: Evidence from an Experiment in Tanzania
论文作者
论文摘要
对风险的态度几乎是个人做出的所有重要经济决定。在这项实验研究中，我研究了如何将时间延迟引入投资计划的执行会影响个人的风险偏好。现场实验在三个阶段进行：决策阶段，执行阶段和支付阶段。首先，在决策阶段（第1阶段），要求每个受试者通过在风险资产和安全资产之间分配货币投资金额来制定投资计划。受试者被告知，他们在决策阶段制定的投资计划具有约束力，将在执行阶段（第2阶段）执行。支出阶段（第3阶段）是支付日期。每个主题的决策阶段和支付阶段的时机都是相同的，但是执行阶段的时机在实验上有所不同。我发现，在决策阶段，被派去执行其投资计划的个人（即，在执行阶段之前有更大的延误）在决策阶段投资了更大的资产。
Attitudes toward risk underlie virtually every important economic decision an individual makes. In this experimental study, I examine how introducing a time delay into the execution of an investment plan influences individuals' risk preferences. The field experiment proceeded in three stages: a decision stage, an execution stage and a payout stage. At the outset, in the Decision Stage (Stage 1), each subject was asked to make an investment plan by splitting a monetary investment amount between a risky asset and a safe asset. Subjects were informed that the investment plans they made in the Decision Stage are binding and will be executed during the Execution Stage (Stage 2). The Payout Stage (Stage 3) was the payout date. The timing of the Decision Stage and Payout Stage was the same for each subject, but the timing of the Execution Stage varied experimentally. I find that individuals who were assigned to execute their investment plans later (i.e., for whom there was a greater delay prior to the Execution Stage) invested a greater amount in the risky asset during the Decision Stage.
