Table 4.

Estimates of the utility function and the noise parameter in the four experiments^a

	Gain domain				Loss domain
Parameter	TP	TD	NC	All	TP	TD	NC	All
SWE:
γ	0.941	0.978		0.963	0.863	0.924		0.895
	(0.030)	(0.025)		(0.020)	(0.019)	(0.022)		(0.014)
ξ	1.183	0.844		1.010	1.017	0.964		1.000
	(0.195)	(0.115)		(0.107)	(0.144)	(0.133)		(0.099)
Tests, (TP vs TD):	p γ = 0.338 , p ξ = 0.116 , p = 0.010				p γ = 0.036 , p ξ = 0.784 , p = 0.044
US:
γ	1.072	1.190		1.151	0.436	0.589		0.514
	(0.074)	(0.071)		(0.054)	(0.034)	(0.025)		(0.020)
ξ	0.991	0.701		0.848	1.238	1.224		1.243
	(0.125)	(0.072)		(0.068)	(0.181)	(0.162)		(0.123)
Tests, (TP vs TD):	p γ = 0.249 , p ξ = 0.033 , p < 0.001				p γ < 0.001 , p ξ = 0.955 , p < 0.001
AUT I:
γ	0.763	0.826		0.797	0.790	0.844		0.822
	(0.017)	(0.014)		(0.010)	(0.016)	(0.011)		(0.009)
ξ	0.666	0.534		0.597	0.658	0.383		0.495
	(0.094)	(0.060)		(0.089)	(0.090)	(0.035)		(0.038)
Tests, (TP vs TD):	p γ = 0.003 , p ξ = 0.221 , p = 0.006				p γ = 0.006 , p ξ < 0.001 , p < 0.001
AUT II: b
γ	0.892	0.873	0.948	0.903	0.811	0.880	0.811	0.835
	(0.023)	(0.017)	(0.021)	(0.011)	(0.017)	(0.015)	(0.015)	(0.009)
ξ	0.892	0.630	0.700	0.745	0.709	0.502	0.609	0.608
	(0.064)	(0.038)	(0.045)	(0.028)	(0.045)	(0.030)	(0.036)	(0.021)
Tests, (TP vs TD):	p γ = 0.508 , p ξ < 0.001 , p < 0.001				p γ = 0.002 , 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 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 p-value is for the restriction μ ₁ = 0. The joint tests are likelihood ratio tests. Standard errors are provided in parentheses

^bThe p-values comparing TP vs NC and TD vs NC are not shown in the table for lack of space. The p-values for the difference in the risk parameter (γ) between TP vs NC and TD vs NC are 0.071 and 0.005 for gains and 0.983 and <0.001 for losses. The p-values for the difference in the noise parameter (ξ) between TP vs NC and TD vs NC are 0.013 and 0.236 for gains and 0.082 and 0.022 for losses.