Full Length Research Paper
Abstract
This paper experimentally studies the impact of background music and sound on the preference of the decision makers (DMs) for rewards in pairwise intertemporal choice tasks and lottery choice tasks. The participants took part in the current experiment, involving four treatments: (1) familiar music, (2) unfamiliar music, (3) noise and (4) no music. The experimental results confirm that background noise influences human performance in decision making under risk and intertemporal decision making, though the results do not indicate the existence of the significant familiarity effect.
Key words: Allais-type preferences, choice under risk, intertemporal choice, the familiarity effect.
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