Skip to content Skip to navigation
University of Warwick
  • Study
  • |
  • Research
  • |
  • Business
  • |
  • Alumni
  • |
  • News
  • |
  • About

University of Warwick
Publications service & WRAP

Highlight your research

  • WRAP
    • Home
    • Search WRAP
    • Browse by Warwick Author
    • Browse WRAP by Year
    • Browse WRAP by Subject
    • Browse WRAP by Department
    • Browse WRAP by Funder
    • Browse Theses by Department
  • Publications Service
    • Home
    • Search Publications Service
    • Browse by Warwick Author
    • Browse Publications service by Year
    • Browse Publications service by Subject
    • Browse Publications service by Department
    • Browse Publications service by Funder
  • Help & Advice
University of Warwick

The Library

  • Login
  • Admin

Cumulative weighing of time in intertemporal tradeoffs

Tools
- Tools
+ Tools

Scholten, Marc, Read, Daniel and Sanborn, Adam N. (2016) Cumulative weighing of time in intertemporal tradeoffs. Journal of Experimental Psychology: General, 145 (9). pp. 1177-1205. doi:10.1037/xge0000198 ISSN 0096-3445.

[img] PDF
WRAP_Read_1071671-wbs-230516-jepg.4.pdf - Accepted Version - Requires a PDF viewer.

Download (1836Kb)
Official URL: http://dx.doi.org/10.1037/xge0000198

Request Changes to record.

Abstract

We examine preferences for sequences of delayed monetary gains. In the experimental literature, two prominent models have been advanced as psychological descriptions of preferences for sequences. In one model, the instantaneous utilities of the outcomes in a sequence are discounted as a function of their delays, and assembled into a discounted utility of the sequence. In the other model, the ccumulated utility of the outcomes in a sequence is considered along with utility or disutility from improvement in outcome utilities and utility or disutility from the spreading of outcome utilities. Drawing on three threads of evidence concerning preferences for sequences of monetary gains, we propose that the accumulated utility of the outcomes in a sequence is traded off against the duration of utility accumulation. In our first experiment, aggregate choice behavior provides qualitative support for the tradeoff model. In three subsequent experiments, one of which incentivized, disaggregate choice behavior provides quantitative support for the tradeoff model in Bayesian model contests. The third experiment addresses one thread of evidence that motivated the tradeoff model: When, in the choice between two single dated outcomes, it is conveyed that receiving less sooner means receiving nothing later, preference for receiving more later increases, but when it is conveyed that receiving more later means receiving nothing sooner, preference is left unchanged. Our results show that this asymmetric hidden-zero effect is indeed driven by those supporting the tradeoff model. The tradeoff model also accommodates all remaining evidence on preferences for sequences of monetary gains.

Item Type: Journal Article
Subjects: B Philosophy. Psychology. Religion > BF Psychology
H Social Sciences > HF Commerce
Q Science > QA Mathematics
Divisions: Faculty of Science, Engineering and Medicine > Science > Psychology
Library of Congress Subject Headings (LCSH): Delay discounting (Psychology), Sequences (Mathematics) , Conjoint analysis (Marketing)
Journal or Publication Title: Journal of Experimental Psychology: General
Publisher: American Psychological Association
ISSN: 0096-3445
Official Date: 1 September 2016
Dates:
DateEvent
1 September 2016Published
20 May 2016Accepted
17 September 2015Submitted
Volume: 145
Number: 9
Number of Pages: 93
Page Range: pp. 1177-1205
DOI: 10.1037/xge0000198
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Open Access (Creative Commons)
Date of first compliant deposit: 24 May 2016
Date of first compliant Open Access: 2 September 2016
RIOXX Funder/Project Grant:
Project/Grant IDRIOXX Funder NameFunder ID
PTDC/ MHC-PCN/3805/2012Fundação para a Ciência e a TecnologiaUNSPECIFIED
ES/K002201/1[ESRC] Economic and Social Research Councilhttp://dx.doi.org/10.13039/501100000269
RP2012-V-022Leverhulme Trusthttp://dx.doi.org/10.13039/501100000275
ES/K004948/1[ESRC] Economic and Social Research Councilhttp://dx.doi.org/10.13039/501100000269

Request changes or add full text files to a record

Repository staff actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics

twitter

Email us: wrap@warwick.ac.uk
Contact Details
About Us