Public lotteries for non-market goods provide a unique field counterpart to experimental lotteries with monetary payoffs for investigating risk and time preferences. In this paper random expected utility and rank dependent expected utility models of public lottery choice are estimated under constant relative risk aversion preferences and hyperbolic time preferences with a balanced panel of 7,924 participants in the 127 lotteries for elk hunting licenses in New Mexico in the year before and after a set of natural policy experiments. Consistent with experimental findings, significant heterogeneity in risk and time preferences is found in applicant choices, and applicants are found to significantly place a nonlinear weight on both the probability of being drawn and of harvesting an elk. Mean discount rate estimates are also on a par with experimental results documented in the growing joint risk-time preferences literature.

非市场商品的公共彩票提供了一个独特的现场对应物，可以与具有货币回报的实验性彩票相对应，用于调查风险和时间偏好。在本文中，公共彩票选择的随机预期效用和等级依赖预期效用模型是在恒定的相对风险规避偏好和双曲线时间偏好下估计的，平衡面板由前一年新墨西哥州 127 次麋鹿狩猎许可证的 7,924 名参与者组成并经过一系列自然政策实验。与实验结果一致，在申请人的选择中发现了风险和时间偏好的显着异质性，并且发现申请人对被吸引和收获麋鹿的概率具有显着的非线性权重。