[태그:] Intertemporal choice

Some people find it more difficult to delay rewards than others. In three experiments, we tested a “future self-continuity” hypothesis that individual differences in the perception of one’s present self as continuous with a future self would be associated with measures of saving in the laboratory and everyday life. Higher future self-continuity (assessed by a novel index) predicted reduced discounting of future rewards in a ...

How do decisions made for tomorrow or 2 days in the future differ from decisions made for several days in the future? We use data from an online grocer to address this question. In general, we find that as the delay between order completion and delivery increases, grocery customers spend less, order a higher percentage of “should” items (e.g., vegetables), and order a lower percentage of ...

This paper studies corrective strategies for the illusion of delayed incentives (Soman, 1998), the phenomena that money-for-effort transactions that are unattractive in the present appear attractive when they are in the future. This illusion occurs because future effort is discounted more heavily than future monetary outcomes. In this research, we show that this bias of differential discounting can be corrected by asking consumers to perform ...

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 also affect the implied shape of the discount function: When ...

Monetary transactions in which consumption is temporally separated from purchase naturally lend themselves to multiple frames and to alternative accounting schemes, which nonetheless maintain a modicum of discipline and authenticity. We investigate some of the relevant accounting rules, and find that advanced purchases (e.g., a case of wine) are typically treated as “investments” rather than spending. At the same time, consumption of a good purchased ...