Arguably, all judgments and decisions are made in 1 (or some combination) of 2 basic evaluation modes—joint evaluation mode (JE), in which multiple options are presented simultaneously and evaluated comparatively, or separate evaluation mode (SE), in which options are presented in isolation and evaluated separately. This article reviews recent literature showing that people evaluate options …
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Bryan, C. J., &Hershfield, H. E. (2012). You owe it to yourself: Boosting retirement saving with a responsibility-based appeal.
This reprinted article originally appeared in Journal of Experimental Psychology: General, 2012(AUG), 141 (3), 429-432. (The following abstract of the original article appeared in record 2011-26496-001). Americans are not saving enough for retirement. Previous research suggests that this is due, in part, to people’s tendency to think of the future self as more like another …
Hershfield, H. E. (2011). Future self‐continuity: How conceptions of the future self transform intertemporal choice.Annals of the New York Academy of Sciences, 1235(1), 30-43.
With life expectancy dramatically increasing throughout much of the world, people have to make choices with a longer future in mind than they ever had to before. Yet, many indicators suggest that undersaving for the long term often occurs: in America, for instance, many individuals will not be able to maintain their preretirement standard of …
Read, D., Frederick, S., Orsel, B., &Rahman, J. (2005). Four score and seven years from now: The date/delay effect in temporal discounting. Management Science, 51(9), 1326-1335.
We describe a new anomaly in intertemporal choice—the “date/delay effect”: discount rates that are imputed when time is described using calendar dates (e.g., on October 17) are markedly lower than those revealed when future outcomes are described in terms of the corresponding delay (e.g., in six months). Date deions not only reduce discount rates, but …
Hershfield, H. E., Goldstein, D. G., Sharpe, W. F., Fox, J., Yeykelis, L., Carstensen, L. L., &Bailenson, J. N. (2011). Increasing saving behavior through age-progressed renderings of the future self.
Many people fail to save what they will need for retirement. Research on excessive discounting of the future suggests that removing the lure of immediate rewards by precommitting to decisions or elaborating the value of future rewards both can make decisions more future oriented. The authors explore a third and complementary route, one that deals …
Quoidbach, J., &Dunn, E. W. (2013). Give it up: A strategy for combating hedonic adaptation. Social Psychological and Personality Science, 4(5), 563-568.
The present research provides the first evidence that temporarily giving up something pleasurable may provide an effective route to happiness. Participants were asked to eat a piece of chocolate during two lab sessions, held 1week apart. During the intervening week, we randomly assigned them to abstain from chocolate or to eat as much of it …
Lee, L., Frederick, S., &Ariely, D. (2006). Try it, you& #39;ll like it: The influence of expectation, consumption, and revelation on preferences for beer. Psychological science, 17(12), 1054-1058.
Patrons of a pub evaluated regular beer and “MIT brew” (regular beer plus a few drops of balsamic vinegar) in one of three conditions. One group tasted the samples blind (the secret ingredient was never disclosed). A second group was informed of the contents before tasting. A third group learned of the secret ingredient immediately …
Ariely, D., &Loewenstein, G. (2006). The heat of the moment: The effect of sexual arousal on sexual decision making. Journal of Behavioral Decision Making, 19(2), 87-98.
Despite the social importance of decisions taken in the “heat of the moment,” very little research has examined the effect of sexual arousal on judgment and decision making. Here we examine the effect of sexual arousal, induced by self‐stimulation, on judgments and hypothetical decisions made by male college students. Students were assigned to be in …
Van den Bergh, B., Dewitte, S., &Warlop, L. (2008). Bikinis instigate generalized impatience in intertemporal choice.Journal of Consumer Research, 35(1), 85-97.
Neuroscientific studies demonstrate that erotic stimuli activate the reward circuitry processing monetary and drug rewards. Theoretically, a general reward system may give rise to nonspecific effects: exposure to “hot stimuli” from one domain may thus affect decisions in a different domain. We show that exposure to sexy cues leads to more impatience in intertemporal choice …
Carlson, K., Kim, J., Lusardi, A., &Camerer, C. F. (2015). Bankruptcy rates among NFL players with short-lived income spikes. American Economic Review, 105(5), 381-84.
We test for consumption smoothing using bankruptcy data on players in the National Football League (NFL), who typically earn several million dollars during an income spike that lasts a few years. The life-cycle hypothesis predicts that players should save substantially while playing and then have little risk of bankruptcy post-NFL. However, players in our sample …