Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field

We are grateful to Hunt Allcott, Sandro Ambuehl, Nick Barberis, Erik Eyster, Cary Frydman, Daniel Gottlieb, Johannes Haushofer, Peter Kelly, Camelia Kuhnen, John List, Pietro Ortoleva, Michaela Pagel, Collin Raymond, Alex Rees-Jones, Hersh Shefrin, Kelly Shue, Dmitry Taubinsky, George Wu, and Florian Zimmermann for helpful suggestions and illuminating discussion. We also thank seminar participants at Arizona State University, Babson, Cornell, Florida State University, Middlebury College, the Radboud University Nijmegen, Simon Fraser University, the University of Colorado, Boulder, University of Bonn, University of Miami, the University of Washington, and Wharton, as well as participants at American Finance Annual Meetings, the Annual Meeting of the Society for Experimental Finance, the Finance in the Cloud Conference, the Workshop on Behavioral and Experimental Economics, the NBER Behavioral Finance Conference, SFS Cavalcade North America, and the EFA Annual Meeting. Pascal Kieren, Yanghua Shi and Christy Kang provided excellent research assistance. Zwetelina Iliewa would like to acknowledge that this project was funded by the Deutsche Forschungsgemeinschaft (DFG, German Research Foundation) under Germany's Excellence Strategy - EXC 2126/1- 390838866 and through CRC / TR 224 (Project C01). All remaining errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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