Read, Daniel, Frederick, Shane and Airoldi, Mara (2012) Four days later in Cincinnati : longitudinal tests of hyperbolic discounting. Acta psychologica, Vol.140 (No.2). pp. 177-185. doi:10.1016/j.actpsy.2012.02.010

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Abstract

Hyperbolic discounting of delayed rewards has been proposed as an underlying cause of the failure to stick to plans to forego one's immediate desires, such as the plan to diet, wake up early, or quit taking heroin. We conducted two tests of inconsistent planning in which respondents made at least two choices between a smaller–sooner (SS) and larger–later (LL) amount of money, one several weeks before SS would be received, and one immediately before. Hyperbolic discounting predicts that there would be more choices of SS as it became more proximate—and, equivalently, that among those who change their mind, “impatient shifts” (LL-to-SS) will be more common than “patient shifts” (SS-to-LL). We find no evidence for this, however, and in our studies shifts in both directions were equally likely. We propose that some of the evidence cited on behalf of hyperbolic discounting can be attributed to qualitatively different psychological mechanisms.

Item Type:	Journal Article
Divisions:	Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School
Journal or Publication Title:	Acta psychologica
Publisher:	Elsevier BV
ISSN:	0001-6918
Official Date:	2012
Dates:	Date Event 2012 Published
Volume:	Vol.140
Number:	No.2
Page Range:	pp. 177-185
DOI:	10.1016/j.actpsy.2012.02.010
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access

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