Working Papers by Taisuke Imai
# | Title | Authors | Date | Length | Paper | Abstract | |
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1441 | Approximate Expected Utility Rationalization | Echenique, Federico Imai, Taisuke Saito, Kota | 06/22/2018 | 52 | sswp1441.pdf | We propose a new measure of deviations from expected utility, given data on economic choices under risk and uncertainty. In a revealed preference setup, and given a positive number e, we provide a characterization of the datasets whose deviation (in beliefs, utility, or perceived prices) is within e of expected utility theory. The number e can then be used as a distance to the theory. We apply our methodology to three recent large-scale experiments. Many subjects in those experiments are consistent with utility aximization, but not expected utility maximization. The correlation of our measure with demographics is also interesting, and provides new and intuitive findings on expected utility. | |
1388 | Testable Implications of Quasi-Hyperbolic and Exponential Time Discounting | Echenique, Federico Saito, Kota Imai, Taisuke | 05/20/2014 | 57 | sswp-1388.pdf | We present the first revealed-preference characterizations of the models of exponential time discounting, quasi-hyperbolic time discounting, and other time-separable models of consumers' intertemporal decisions. The characterizations provide non-parametric revealed-preference tests, which we take to data using the results of a recent experiment conducted by Andreoni and Sprenger (2012). For such data, we find that less than half of the subjects are consistent with exponential discounting, and only a few more are consistent with quasi-hyperbolic discounting. |