  Is an option especially tempting when it is both immediate and certain? I
test the effect of risk on the present-bias factor given quasi-hyperbolic
discounting. In my experiment, workers allocate about thirty to fifty minutes
of real-effort tasks between two weeks. I study dynamic consistency by
comparing choices made two days in advance of the workday with choices made
when work is imminent. My novel design permits estimation of present-bias using
a decision with a consequence that is both immediate and certain. I find
greater present-bias when the consequence is certain. This finding has
implications for any economic decision involving a present-biased
decision-maker, including labor contracting and consumer good pricing. Finally
I offer a methodological remedy for experimental economists.
