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Time matters less when outcomes differ : uni-modal versus cross-modal comparisons in intertemporal choice
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Cubitt, Robin, McDonald, Rebecca and Read, Daniel (2018) Time matters less when outcomes differ : uni-modal versus cross-modal comparisons in intertemporal choice. Management Science, 64 (2). pp. 873-887. doi:10.1287/mnsc.2016.2613
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Official URL: http://dx.doi.org/10.1287/mnsc.2016.2613
Abstract
Unimodal intertemporal decisions involve comparing options of the same type (e.g., apples now versus apples later), and cross-modal decisions involve comparing options of different types (e.g., a car now versus a vacation later). As we show, existing models of intertemporal choice do not allow time preference to depend on whether the comparisons to be made are unimodal or cross-modal. We test this restriction in an experiment using the delayed compensation method, a new extension of the standard method of eliciting intertemporal preferences that allows for assessment of time preference for nonmonetary and discrete outcomes, as well as for both cross-modal and unimodal comparisons. Participants were much more averse to delay for unimodal than cross-modal decisions. We provide two potential explanations for this effect: one drawing on multiattribute choice, the other drawing on construal-level theory.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory | ||||||||
| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Library of Congress Subject Headings (LCSH): | Economics -- Psychological aspects, Choice (Psychology), Delay discounting (Psychology), Decision making | ||||||||
| Journal or Publication Title: | Management Science | ||||||||
| Publisher: | Institute for Operations Research and the Management Sciences (I N F O R M S) | ||||||||
| ISSN: | 0025-1909 | ||||||||
| Official Date: | February 2018 | ||||||||
| Dates: |
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| Volume: | 64 | ||||||||
| Number: | 2 | ||||||||
| Page Range: | pp. 873-887 | ||||||||
| DOI: | 10.1287/mnsc.2016.2613 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Access rights to Published version: | Open Access | ||||||||
| Is Part Of: | ESRC: ES/K002201/1 Leverhulme: RP2012-V-022] |
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