| Summary: | 碩士 === 明新科技大學 === 企業管理研究所 === 97 === In the real world, financial decisions often face uncertainty and time delay (of outcomes) at the same time. However, the effects of uncertainty and time delay were discussed in the separate literatures. The main purpose of this study is to investigate the combined effects of these two factors, and to compare the relative importance of the two factors. In particular, this study focuses on the certainty effect in and immediacy effect in both the positive and negative utility situations. In the literature, the certainty effects and immediacy effect were demonstrated with different tasks, thus it is impossible to know the relative importance of uncertainty and time delay. In this study, however, both factors are tested under the same task structure, thus allows us to gauge the relative contributions of the two factors. Also, there were three types of measurement scales: separate evaluation, joint evaluation and choice. The main findings are: (1) imposing uncertainty on decision outcomes can diminish, but not eliminate immediacy effect. Likewise, imposing time delay on decision outcomes can diminish, but not eliminate certainty effect. (2) Under both the positive and negative utility situations, most people show risk aversive risk attitude and negative time preference.
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