TY - JOUR AU - Andreoni, James AU - Feldman, Paul AU - Sprenger, Charles TI - A Stream of Prospects or a Prospect of Streams: On the Evaluation of Intertemporal Risks JF - National Bureau of Economic Research Working Paper Series VL - No. 24075 PY - 2017 Y2 - November 2017 DO - 10.3386/w24075 UR - http://www.nber.org/papers/w24075 L1 - http://www.nber.org/papers/w24075.pdf N1 - Author contact info: James Andreoni Department of Economics University of California, San Diego 9500 Gilman Drive La Jolla, CA 92093-0508 Tel: 858/534-3832 Fax: 858/534-7040 E-Mail: andreoni@ucsd.edu Paul J. Feldman University of California, San Diego Dept of Economics # 0508 9500 Gilman Drive La Jolla , CA 93093 E-Mail: pfeldman@ucsd.edu Charles Sprenger University of California, San Diego Rady School of Business 9500 Gilman Drive La Jolla, CA 93093 E-Mail: c.sprenger@gmail.com AB - Recent debate has identified important gaps in the understanding of intertemporal risks. Critical to closing these gaps is evidence on which dimension of intertemporal risk – the risk or the time – is evaluated first. Though under discounted expected utility this ordering is of no consequence, under discounted non-expected utility models the order of evaluation is critical. We provide experimental tests in which different orderings of evaluation generate different predictions for behavior. We find more support for the notion that the risk dimension is evaluated first. ER -