TY - JOUR
T1 - Let the sunshine in? The effects of luminance on economic preferences, choice consistency and dominance violations
AU - Glimcher, Paul W.
AU - Tymula, Agnieszka
N1 - Publisher Copyright:
© 2017 Glimcher, Tymula. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
PY - 2017/8
Y1 - 2017/8
N2 - Weather, in particular the intensity and duration of sunshine (luminance), has been shown to significantly affect financial markets. Yet, because of the complexity of market interactions we do not know how human behavior is affected by luminance in a way that could inform theoretical choice models. In this paper, we use data from a field study using an incentive-compatible, decision task conducted daily over a period of two years and from the US Earth System Research Laboratory luminance sensor to investigate the impact of luminance on risk preferences, ambiguity preferences, choice consistency and dominance violations. We find that luminance levels affect all of these. Age and gender influence the strength of some of these effects.
AB - Weather, in particular the intensity and duration of sunshine (luminance), has been shown to significantly affect financial markets. Yet, because of the complexity of market interactions we do not know how human behavior is affected by luminance in a way that could inform theoretical choice models. In this paper, we use data from a field study using an incentive-compatible, decision task conducted daily over a period of two years and from the US Earth System Research Laboratory luminance sensor to investigate the impact of luminance on risk preferences, ambiguity preferences, choice consistency and dominance violations. We find that luminance levels affect all of these. Age and gender influence the strength of some of these effects.
UR - http://www.scopus.com/inward/record.url?scp=85026847139&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85026847139&partnerID=8YFLogxK
U2 - 10.1371/journal.pone.0181112
DO - 10.1371/journal.pone.0181112
M3 - Article
C2 - 28783734
AN - SCOPUS:85026847139
SN - 1932-6203
VL - 12
JO - PloS one
JF - PloS one
IS - 8
M1 - e0181112
ER -