Table 3.

Estimates of the utility function and the noise parameter for the pooled data across the four experiments^a

	Gains domain			Loss domain
Parameter	TP	TD	TP and TD	TP	TD	TP and TD
γ	0.887	0.924	0.908	0.769	0.848	0.812
	(0.012)	(0.009)	(0.007)	(0.011)	(0.010)	(0.007)
ξ	0.886	0.623	0.744	1.067	0.829	0.941
	(0.045)	(0.026)	(0.024)	(0.060)	(0.038)	(0.034)
TP vs TD:	p γ = 0.014 , p ξ < 0.001 , p < 0.001			p γ < 0.001 , p ξ < 0.001 , p < 0.001

^aAll amounts are converted to US Dollars (using average exchange rates for 2013). γ denotes the coefficient of risk aversion, and ξ captures the measurement noise. The p-values reported are for γ, ξ , and for both parameters being the same in the TP and TD treatments. Inference for ξ is based on a parametrization in which log(ξ) = μ ₀ + μ ₁ δ _TD, where δ _TD is a dummy indicator for a time delay session, and the reported p-value is for the restriction μ ₁ = 0. The joint tests are likelihood ratio tests. Standard errors are provided in parentheses