Framing Effects in Intertemporal Choice Tasks and Financial Implications

2012 ◽  
Author(s):  
Wolfgang Breuer ◽  
Can Kalender Soypak
Keyword(s):  
Intertemporal Choice ◽  
Framing Effects ◽  
Choice Tasks

Probabilistic Intertemporal Choice and Framing Effects

2002 ◽  
Author(s):  
Tamar R. Malinek ◽  
Daniel M. Oppenheimer
Keyword(s):  
Intertemporal Choice ◽  
Framing Effects

Temporal Discounting Across Adulthood: A Systematic Review and Meta-analysis

2020 ◽  
Author(s):  
Kendra Leigh Seaman ◽  
Sade J Abiodun ◽  
Zöe Fenn ◽  
Gregory Russell Samanez-Larkin ◽  
Rui Mata
Keyword(s):  
Age Differences ◽  
Intertemporal Choice ◽  
Meta Analysis ◽  
Empirical Work ◽  
Adult Life ◽  
Temporal Discounting ◽  
Total N ◽  
Adult Age ◽  
Adult Age Differences ◽  
Choice Tasks

A number of developmental theories have been proposed that make differential predictions about the links between age and temporal discounting; that is, the valuation of rewards at different points in time. Most empirical studies examining adult age differences in temporal discounting have relied on economic intertemporal choice tasks, which pit choosing a smaller, sooner monetary reward against choosing a larger, later one. Although initial studies using these tasks suggested older adults discount less than younger adults, follow-up studies provided heterogeneous, and thus inconclusive, results. Using an open science approach, we test the replicability of adult age differences in temporal discounting by conducting a preregistered systematic literature search and meta-analysis of adult age differences in intertemporal choice tasks. Across 37 cross-sectional studies (Total N = 104,736), we found no reliable relation between age and temporal discounting (r = -0.081, 95% CI [-0.185, 0.025]). We also found little evidence of publication bias or p-hacking. Exploratory analyses of moderators found no effect of experimental design (e.g., extreme-group vs. continuous age), incentives (hypothetical vs. rewards), amount of delay (e.g., days, weeks, months, or years), or quantification of discounting behavior (e.g., proportion of immediate choices vs. parameters from computational modeling). Additional analyses of 12 participant-level data sets found little support for a nonlinear relation between age and temporal discounting across adulthood. Overall, the results suggest that adult age is not reliably associated with individual differences in temporal discounting. We provide recommendations for future empirical work on temporal discounting across the adult life span.

Is it patience or motivation? On motivational confounds in intertemporal choice tasks

2014 ◽  
Vol 103 (1) ◽  
pp. 196-217 ◽  
Author(s):  
Fabio Paglieri ◽  
Elsa Addessi ◽  
Agnese Sbaffi ◽  
Maria Isabella Tasselli ◽  
Alexia Delfino
Keyword(s):  
Intertemporal Choice ◽  
Choice Tasks

scholarly journals Poverty and Economic Decision-Making: Evidence from Changes in Financial Resources at Payday

2016 ◽  
Vol 106 (2) ◽  
pp. 260-284 ◽  
Author(s):  
Leandro S. Carvalho ◽  
Stephan Meier ◽  
Stephanie W. Wang
Keyword(s):  
Decision Making ◽  
Cognitive Function ◽  
Low Income ◽  
Online Survey ◽  
Intertemporal Choice ◽  
Financial Resources ◽  
Economic Decision Making ◽  
Choice Tasks ◽  
Intertemporal Choices

We study the effect of financial resources on decision-making. Low-income US households are randomly assigned to receive an online survey before or after payday. The survey collects measures of cognitive function and administers risk and intertemporal choice tasks. The study design generates variation in cash, checking and savings balances, and expenditures. Before-payday participants behave as if they are more present-biased when making intertemporal choices about monetary rewards but not when making intertemporal choices about nonmonetary real-effort tasks. Nor do we find before-after differences in risk-taking, the quality of decision-making, the performance in cognitive function tasks, or in heuristic judgments. (JEL C83, D14, D81, D91, I32)

scholarly journals Framing effects in intertemporal choice: A nudge experiment

2017 ◽  
Vol 71 ◽  
pp. 13-25 ◽  
Author(s):  
Valeria Faralla ◽  
Marco Novarese ◽  
Antonella Ardizzone
Keyword(s):  
Intertemporal Choice ◽  
Framing Effects

scholarly journals A guaranteed immediate payout reduces impatience of financially constrained individuals

2022 ◽  
Vol 119 (3) ◽  
pp. e2108832119
Author(s):  
Kimberley van der Heijden ◽  
Anouk Festjens ◽  
Caroline Goukens ◽  
Tom Meyvis
Keyword(s):  
Lived Experiences ◽  
Intertemporal Choice ◽  
Time Preferences ◽  
Financial Strain ◽  
Financial Constraint ◽  
Capture Time ◽  
Future Needs ◽  
The Future ◽  
Choice Tasks

A large stream of literature found that individuals who experience financial strain are particularly concerned about their present needs—that is, they are more likely to choose smaller immediate payoffs over larger future payoffs. In contrast, some recent findings suggest that financially constrained individuals may be more concerned about future needs instead (e.g., they are relatively more likely to invest in long-lived durables than in short-lived experiences). We propose that the use of traditional intertemporal choice tasks has made prior studies overly sensitive to the myopia-inducing effects of financial constraint. These tasks typically offer a choice between receiving a smaller payoff in the present versus a larger payoff in the future. Across three studies, we observe that, as long as some immediate payout is guaranteed, financially constrained individuals are as likely as nonconstrained individuals to accept a delay for a larger payoff. These findings qualify prior demonstrations of the myopic effects of financial constraint and suggest that the traditionally used choice paradigm might not accurately capture time preferences, particularly for financially constrained individuals. Furthermore, they provide possible interventions for those interested in reducing the myopia of financially constrained individuals who are facing all now versus all later decisions.

scholarly journals Author response: Rats exhibit similar biases in foraging and intertemporal choice tasks

2019 ◽  
Author(s):  
Gary A Kane ◽  
Aaron M Bornstein ◽  
Amitai Shenhav ◽  
Robert C Wilson ◽  
Nathaniel D Daw ◽  
...  
Keyword(s):  
Intertemporal Choice ◽  
Author Response ◽  
Choice Tasks

scholarly journals Choosing Money over Drugs: The Neural Underpinnings of Difficult Choice in Chronic Cocaine Users

2014 ◽  
Vol 2014 ◽  
pp. 1-14 ◽  
Author(s):  
Michael J. Wesley ◽  
Terry Lohrenz ◽  
Mikhail N. Koffarnus ◽  
Samuel M. McClure ◽  
Richard De La Garza ◽  
...  
Keyword(s):  
Intertemporal Choice ◽  
Brain Activity ◽  
Dorsal Striatum ◽  
Revealed Preferences ◽  
Chronic Cocaine ◽  
Left Dlpfc ◽  
Dorsolateral Prefrontal ◽  
Cocaine Users ◽  
Neural Underpinnings ◽  
Choice Tasks

Addiction is considered a disorder that drives individuals to choose drugs at the expense of healthier alternatives. However, chronic cocaine users (CCUs) who meet addiction criteria retain the ability to choose money in the presence of the opportunity to choose cocaine. The neural mechanisms that differentiate CCUs from non-cocaine using controls (Controls) while executing these preferred choices remain unknown. Thus, therapeutic strategies aimed at shifting preferences towards healthier alternatives remain somewhat uninformed. This study used BOLD neuroimaging to examine brain activity as fifty CCUs and Controls performed single- and cross-commodity intertemporal choice tasks for money and/or cocaine. Behavioral analyses revealed preferences for each commodity type. Imaging analyses revealed the brain activity that differentiated CCUs from Controls while choosing money over cocaine. We observed that CCUs devalued future commodities more than Controls. Choices for money as opposed to cocaine correlated with greater activity in dorsal striatum of CCUs, compared to Controls. In addition, choices for future money as opposed to immediate cocaine engaged the left dorsolateral prefrontal cortex (DLPFC) of CCUs more than Controls. These data suggest that the ability of CCUs to execute choices away from cocaine relies on activity in the dorsal striatum and left DLPFC.

Sign in / Sign up

Export Citation Format

Share Document